Ricardo Salinas urges people to use Bitcoin to avoid fiat inflation

Mexican billionaire Ricardo Salinas has again encouraged people to protect their savings from what he calls the "fiat fraud." In a video posted on X on Monday, Salinas described fiat inflation as a hidden tax and advised buying Bitcoin as a way to avoid its effects.

Salinas, the former chairman of Grupo Elektra and founder of Banco Azteca, argued that Bitcoin prevents arbitrary money creation. "While you have to work to earn more money, the system can simply create more of it," he said. He urged followers to "learn, protect your savings, and defend your freedom" by buying and holding Bitcoin.

Long-time critic of central bank policy

Salinas has frequently criticized central bank monetary policy, calling traditional money a "fiat fraud" in past speeches. He has also shared that he increased his Bitcoin allocation from 10% to 70% of his portfolio earlier this year.

In interviews, he has discussed convincing family members to invest in Bitcoin, including persuading his wife to mortgage her house to buy the asset.

Key points

• Ricardo Salinas calls fiat inflation a hidden tax.
• He advises buying Bitcoin to protect savings from inflation.
• Salinas argues Bitcoin prevents arbitrary money creation.
• He has increased his Bitcoin holdings to 70% of his portfolio.

Sources

• Bitcoin Magazine