Cryptocurrency

Mexican billionaire says bitcoin is ‘the best thing to put money in’

Share

Ricardo Salinas, a billionaire and considered the third richest man in Mexico, said he is not afraid to put his money in bitcoin despite the recent price crash the crypto has had to endure.

During his talk with the director of Blockchain Land regarding his investment in the cryptocurrency, the bitcoin fanatic, also considered to be one of the high-profile advocates of the coin, said he actually has 10% of his assets in bitcoin.

Salinas has always been a very vocal and firm supporter of bitcoin, evidenced by his hashtags on his Twitter account. He also has been advocating for the largest crypto by market capitalization, going as far as saying paper is worthless and bitcoin is the best thing to put money in.

Believing despite the price crash

At press time, according to tracking from data provider CoinGecko, bitcoin is changing hands at $32,659, down 4% for the past 24 hours and declining almost 15% for the past seven days.

Despite this, the Mexican billionaire still believes strongly in the asset, giving a number of benefits that qualify it as a modern form of gold.

Salinas reiterated that bitcoin is easy to carry and enjoys extreme international liquidity. Moreover, and perhaps the main reason why he has so much faith in the coin, the asset has a limited supply which is capped at 21 million. This means no one can create more bitcoins.

The perfect tool to avoid inflation

Salinas also talked about how he thinks bitcoin can combat inflation. First, he said when he started working back in 1981 a dollar was worth 20 pesos. Four decades later, the same is now worth 20,000.

He then said bitcoin’s limited supply is a way around this scheme, explaining that if new or additional coins cannot be created, they cannot be devalued.

 

Image courtesy of Cointelegraph News/YouTube

Jet Encila

Published by
Jet Encila

Recent Posts

Is Delta defeating us? Here’s why the variant makes contact tracing so much harder

The Greater Sydney lockdown began on June 26 and almost a month later, New South…

42 mins ago

Zimbabwe mandates COVID-19 vaccinations to all civil servants

Worries and concerns have continued to grow across Zimbabwe as the numbers of daily COVID-19…

5 hours ago

Bank of America now ready for crypto trading

The prime brokerage unit of Bank of America has now started offering crypto exchange-traded products…

6 hours ago