The billionaire also called CBDCs “the most diabolical invention in history.”
Ricardo Salinas, Mexican billionaire, speaking about Bitcoin, gold, and CBDCs with Kitco News. Source: Reproduction.
Ricardo Salinas, the 5th richest man in Mexico, believes that Bitcoin will undergo an 8-fold appreciation and become more valuable than gold. In an interview with Kitco News, the billionaire also criticized fiat currencies.
Owner of Grupo Elektra, which has accepted Bitcoin as a payment method since 2021, Salinas has become one of the biggest advocates of the cryptocurrency in recent years.
As an example, the billionaire said in March of this year that he allocated 70% of his wealth in Bitcoin. In a lecture given in May, he pointed out that real estate is a terrible investment and that it would be better to buy BTC.
Forbes data shows that Salinas has a fortune of $5.4 billion. In front of him in Mexico are only Carlos Slim, Germán Larrea Mota Velasco, Alejandro Baillères, and Maria Asuncion Aramburuzabala.
Mexican billionaire believes Bitcoin will be more valuable than gold
Currently, the market value of Bitcoin is estimated at $2 trillion, even surpassing silver. However, Mexican billionaire Ricardo Salinas believes that the cryptocurrency should even surpass gold with its $22.7 trillion.
“Bitcoin is emerging as the new global reserve asset. So, Bitcoin is a new global reserve asset. It will surpass gold,” Salinas began.
“Bitcoin will soon be more valuable than gold. Today, with the price at $105,000 per bitcoin, the 20 million existing bitcoins are worth around 2 trillion. Gold is worth about 16 trillion,” he continued.
“Therefore, Bitcoin must rise at least eight times to match gold's store of value capability. And I have no doubt that this will happen soon.”
Bitcoin is currently the 7th largest asset by market value in the world. Source: 8marketcap.
Although there is a certain rivalry between gold and Bitcoin investors, Salinas has always made it clear that the problem lies with fiat currencies. Regarding the metal, the billionaire stated back in 2022 that “gold has not failed, but now there is a better asset.”
In his recent interview with Kitco News, the billionaire stated that “it will take a long time to get rid of the fraud of fiat currencies.” In his view, this happens because the holders of the currency are in power, benefiting from them.
“We have significantly increased our Bitcoin reserves this last week because I’m not going to wait for the perfect moment to enter. I just know what will happen going forward and I don't want to miss out on this.”
Criticism of CBDCs and comments on Bitcoin adoption in Latin America
In another excerpt, Salinas called central bank digital currencies (CBDCs) “the most diabolical invention in history.”
“Fiat currencies are bad, and those digital currencies from central banks are worse because they are programmable money in the hands of scammers,” he commented. “The money you earn from your hard work can be taken out of your control.”
“You must be crazy to accept this.”
Another highlight was his response about the role of Latin countries in adopting Bitcoin as a monetary base. In his view, this will not happen.
“No, I don't think so. I mean, Latin America is a very large place. Whenever I hear someone say 'Latin America,' my antennas go up. There is a big difference between Argentina, Brazil, Chile, Colombia, Peru, Mexico, Central America. It's all very different,” he commented.
“So, no, I don't think there will be anything like that. But what is happening, in any case, is that Bitcoin is emerging as the new global reserve asset.”
