Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Mexican Billionaire: Fiat Money Is Fake, Invest in Bitcoin
1.7 k views
Mexican billionaire urged his followers to stay away from “fake” fiat money – and invest in Bitcoin instead.
In his tweet on Christmas Eve, Billionaire Ricardo Salinas Pliego warned his followers about fiat money. He said that fiat money, like U.S. dollars, is nothing but “paper and lies.”
Stay away from fiat money. The dollar, Euro, yen or peso – they are all the same story. It’s fake money made from paper and lies.
Salinas, the third-richest man in Mexico warned that central banks are printing more money than ever before. Therefore, he told his followers to invest in Bitcoin.
"Stay away from FIAT money .. it's fake money made of paper and lies. The Central Banks are printing more money than ever before. Invest in #Bitcoin" – Solid Christmas advice by Mexican billionaire @RicardoBSalinas pic.twitter.com/qdN9V2oklG
— Root ? (@therationalroot) December 25, 2021
Ricardo Salinas Pliego is the chairman of Grupo Elektra, a finance and retail corporation situated in Mexico. In 2019, the group had a revenue of over $6.1 billion.
His company also owns the Banco Azteca and TV Azteca, the second-largest media company in Mexico. Currently, Salinas’ net worth is over $13.4 billion.
BIllionaires For Crypto
This is not the first time Salinas is taking a pro-Bitcoin stance. In June of this year, he said he is working to make his bank, Banco Azteca, accept Bitcoin.
Salinas said that Banco Azteca would be the first bank in Mexico to accept Bitcoin. Salinas shared the plan to reply to Michael Saylor, a like-minded businessman. Saylor is another billionaire that supports Bitcoin.
Sure, I recommend the use of #Bitcoin, and me and my bank are working to be the first bank in Mexico to accept #Bitcoin, if you need more details or information follow me on my Twitter account ?.
— Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021
In the video in question, the Mexican businessman spoke out about Bitcoin’s many uses, including trade and finance. He also said that Bitcoin “should be part of every investor’s portfolio.”
He also mentioned the many problems with fiat money, especially inflation.
Bank Of Mexico Shots Down Crypto Plans
However, Mexico’s central bank shot down the plans just days after his tweet. It warned all banks against offering services related to cryptos.
The financial authorities reiterate their warnings on the risks inherent in the use of so-called ‘virtual assets’ as a means of exchange, as a store of value or as another form of investment.
The Mexican central bank issued a warning that crypto is not legal tender. It also warned banks that there is no place for Bitcoin in the Mexican financial system.
The country’s financial institutions are not authorized to carry out and offer to the public operations with virtual assets, such as Bitcoin, Ether, XRP.
The statement came only one day after Salinas shared his Bitcoin plans for his bank. Despite that, the central bank did not directly mention Salinas or his schedule in any way.
Mexicans fighting COVID-19, with crypto
Despite the negative stance by the Mexican authorities, crypto is alive and well in Mexico. The crypto industry in Mexico came together to help those hit by the pandemic.
Mexican crypto companies came together in May 2021 to develop a donation system based on crypto. Specifically, Bitso exchange partnered with the crowdfunding platform Diadora. The project would collect money to feed the families affected by COVID.
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The companies followed companies like Binance, BitMEX, and Stellar Foundation that started similar projects abroad.
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