Bitcoin Should Be in Every Portfolio, Says Mexico’s Third Richest Man
The arrival of the death cross does not seem to scare Michael Saylor, who bought $500 million just when this terrifying pattern was forming. But he is not the only one who thinks so. Ricardo Salinas Pliego, the third richest man in Mexico, also believes that Bitcoin is an excellent investment.
During an interview with the director of Blockchain Land, José Rodríguez, Ricardo Salinas Pliego assured that Bitcoin is as solid an investment as gold. He explained that the debate about its nature is not so crucial for those who know its properties.
In my opinion, all the advantages that bitcoin has are enough to make the gold of the modern world … There is no point in discussing whether it is a currency or not.
There Will Be Only 21 Million Bitcoins, And That Is Key to Everything
Ricardo Salinas argues that the fact that Bitcoin is finite, easy to transport, and enjoys extreme liquidity internationally are compelling reasons to consider it an asset worth taking into account when building an investment portfolio.
In fact, Salinas explains that from his point of view, every investor should own Bitcoin:
Bitcoin is an asset that has international value, which is traded with enormous liquidity worldwide. For that reason, it should be in any portfolio.
Ricardo Salinas is a vocal Bitcoiner. He was one of the first prominent Latin American businessmen to talk about the cryptocurrency and support it on social networks. He also revealed that 10% of his liquid investment portfolio was held in BTC, which is obviously no small thing considering his fortune.
But What About Altcoins?
But for now, it seems that Salinas’ relationship with Bitcoin admits no competition. When asked about the potential of Ethereum and other altcoins, Salinas was unconvinced that they could outperform BTC.
Regarding Ethereum, he explained that its weakness lies in its inflationary nature.
The scarcity of Bitcoin, the 21 million, is the key to everything. That is why I mention Ethereum. Because as long as it does not have a finite amount of issuance, I will not believe them because they can issue more, and the asset depreciates.
The issue of the inflationary design of some currencies is of special importance to Ricardo Salinas. Latin American governments have abused power to artificially issue money, which has damaged the purchasing power of the people in the long run.
Look, I started my professional career in 1981. Back then, the [Mexican] peso was 20 to 1 [dollar]. Today, on the other hand, we are at 20,000 to the dollar. And that’s here, in Mexico, but if we do it in Venezuela, Argentina or Zimbabwe, the figures lose all proportion.
As Bitcoin is a global and finite asset, it is safe from manipulation by any government, group of developers, or centralizing power entities.
But there is always a little space for other projects. He said that Monero and Zcash are interesting because of the privacy that they offer.