Ricardo Salinas, the third wealthiest man in Mexico, has recently doubled down on his proposal to use Bitcoin as a reserve asset. On social media, Salinas defended the role of Bitcoin as an inflation hedge, commenting on a post that presented inflation as a hidden tax on fiat money and advised his followers to purchase it.
Mexican Billionaire Ricardo Salinas Doubles Down on Bitcoin, Advises Using It as Inflation Hedge
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Mexican Billionaire Ricardo Salinas Says ‘Buy Bitcoin’ as an Inflation Hedge
More and more wealthy people are taking notice of bitcoin’s properties as a store of value compared to fiat currencies. Ricardo Salinas, a Mexican with a fortune of over $10 billion, has advised his followers to purchase bitcoin to battle inflation, a problem that majorly affects Latam countries like Argentina and Venezuela, and African countries like Zimbabwe.
Answering a post on X that referred to the inflation phenomenon and its effects on the income of citizens, Salinas stated:
Buy Bitcoin and keep your money out of the hands of those who want to take it over.
Unlike fiat currencies issued by governments, bitcoin has a fixed 21 million issuance limit. This means that only 21 million bitcoin can ever be created, and its value cannot be weakened by printing more tokens as nations commonly do to finance their spending.
While more bitcoin is issued with each block mined, this issuance is controlled and can be predicted, unlike governments that can print money without any system, thus causing value dilution and, consequently, rising inflation.
In countries like Argentina, where there is a high level of inflation, bitcoin is starting to be considered a haven against price hikes and the loss of value of the national currency, the Argentine peso.
Last week, Salinas also urged his followers on social media to purchase bitcoin to deal with the loss of value of national currencies. Reacting to a post that reported the fall of the Nigerian naira’s price under a satoshi, he recommended buying bitcoin to hold as savings.
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