Buy Bitcoin, Mexico’s third-richest man says in New Year message

  • Ricardo Salinas Pliego has called on Mexicans to buy Bitcoin, which he has said is his best investment ever.
  • The businessman also called on Mexicans to shun fiat currencies which he described as “fake money made of paper lies.”

One of Mexico’s richest men has advice for you as we approach a new year – buy Bitcoin and shun fiat currencies. Ricardo Salinas Pliego backed Bitcoin in his end-of-year message, which he has described severally as the best investment he ever made.

Ricardo is Mexico’s third-richest man, with a fortune of $13 billion according to Forbes. His fortune mostly comes from his stake in Grupo Elektra, a publicly-listed home appliances retailer that targets lower-middle-class consumers. He has other interests in banking, media and more and was at one time the country’s second-richest man.

In his end-of-year message, which he posted on Twitter, the billionaire had three pieces of advice – let go of jealousy, believe in yourself and invest in Bitcoin.

Ricardo told his 959,000 followers to shun fiat currencies in all their forms, from the American dollar to the European euro and Japanese yen. He joins a growing list of influential leaders that have launched attacks on fiat currencies at a time when most central banks have been accused of printing money irresponsibly and giving rise to high inflation. Many believe that it’s only a matter of time before the house of cards that central banks are building collapses, and Bitcoin could be the best way to hedge against such a collapse.

He stated:

Steer clear of fiat money. Whether it’s the Dollar, the Euro, or the Yen –it’s all the same. It’s fake money made of paper lies. Central banks are producing more than ever.

And while he tells his followers to shun fiat currencies, Ricardo is one of the biggest players in the Mexican banking ecosystem. His home electronics company started advancing credit facilities to its consumers decades ago, growing this into an independent arm now known as Banco Azteca. The bank has become the largest consumer finance firm in Mexico. His fight against fiat currencies is thus a bit tainted, given he is one of the biggest gainers from the fiat system Mexico runs on.

And while Banco Azteca is fiat focused, Ricardo has made efforts to integrate Bitcoin. His vision is to make the bank the first in the country to offer Bitcoin services. However, his efforts have been severely thwarted by the Bank of Mexico which has made it clear that Bitcoin is not legal tender and regulated financial institutions must not engage with the cryptocurrency.

Read More: Mexico’s third wealthiest man reveals plan to open first BTC Bank in the region

About Author

Steve has been a blockchain writer for four years, and a crypto enthusiast for even longer. He is most excited by the application of blockchain to solve the challenges facing developing nations.

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