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Billionaire Ricardo Salinas Pliego Urges Followers To Leave Fiat Currency Behind, Invest In Bitcoin

Billionaire Ricardo Salinas Pliego Urges Followers To Leave Fiat Currency Behind, Invest In Bitcoin

Mexican Billionaire Ricardo Salinas Pliego greeted his followers on Christmas and gave some investment advice, urging them to avoid fiat currency. Salinas urged his followers to ditch fiat and invest in crypto, more specifically Bitcoin. 

Stay Away From Traditional Currencies 

Salinas posted a message on his Twitter on Christmas eve, calling traditional fiat currency “fake” and “made of paper lies.” He then called upon his followers to explore the world of crypto and invest in Bitcoin. 

“Stay away from fiat money. The dollar, the euro, the yen, the peso — all are the same story. It’s fake money [made] of paper lies, and the central banks are producing more money than ever. Invest in Bitcoin.”

A Regular Bitcoin Promoter 

Salinas, Mexico’s third-richest billionaire, is a firm believer in crypto and Bitcoin who regularly promotes the use of Bitcoin over regular fiat currency. Earlier in the month, Salinas had stated that retailer Grupo Elektra, one of the largest companies in his Grupo Salinas conglomerate, would begin accepting Bitcoin as payment. 

He had also tweeted earlier that his bank, Banco Azteca, was working towards becoming the first bank in Mexico to start accepting Bitcoin. However, the bank has not achieved its goal of accepting BTC so far. Mexico’s central bank had also promptly issued a statement stating that Bitcoin is not recognized as legal tender in Mexico and that financial institutions had no authority to accept or offer crypto transactions. 

Lightning Network Plans 

Salinas had also announced that he was planning on integrating the Bitcoin Lightning Network into his chain of Elektra stores, putting out a tweet underlining his intentions. The Lightning Network was developed in 2018 and enabled quick transactions with significantly low fees. Low fees are extremely important as they enable the Lightning Network to support micropayments. Elekta has already started accepting payments in Bitcoin. 

The Lightning Network has already seen adoption by companies such as Square and Twitter, with Twitter using it for its “Tip Jar.” 

Heavily invested in BTC. 

Ricardo Salinas is also heavily invested in Bitcoin, with over 10% of his liquid portfolio invested in Bitcoin. He revealed his investment after sharing a video where he was shown throwing large amounts of paper currency into the garbage in an attempt to show how worthless government-issued cash is, and also to emphasize the importance of digital currencies such as Bitcoin, and also how important they could become. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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