Mexico’s Third Richest Billionaire Warns of Serious Dollar Inflation – Says Buying Bitcoin to ‘Save Your Skin’ – Featured Bitcoin News

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The third richest billionaire in Mexico, Ricardo Salinas Pliego, has shared his experience of hyperinflation. He warned that the US and several other civilized countries are “walking exactly the same route” as his country in the 1980s.

Mexican billionaire warns of inflation

Mexico’s third-richest billionaire, Ricardo Salinas Pliego, gave advice on inflation, hyperinflation, bitcoin and fiat currencies at the Bitcoin 2022 conference in Miami, Florida, on Thursday.

Salinas is the founder and chairman of Grupo Salinas, a group of companies with interests in telecommunications, media, financial services and retail. According to Forbes’ list of billionaires, his net worth is currently about $13 billion.

The billionaire started by sharing his own experience of living with inflation. “I made $2,000 in 1980 and a few years later I was making $20 — the same salary dropped from $2,000 to $20,” he said, adding:

So I know about hyperinflation. I have been there. And knowing it in theory isn’t the same as actually being a victim of it.

He warned: “The bad news is that the US, and Japan, and the UK, and the euro bloc – they are going exactly the same way as my country in the 80s. It’s exactly copy-paste, you could just change the numbers , but the graph would be the same.”

The Mexican magnate then showed a chart of the US government’s total federal debt, which is expected to reach $36.2 trillion in 2031. ‘You see, horrible. $36 trillion and this is on the book debt, not counting the books,” he exclaimed.

The next chart he showed was total US wealth, which grew from $0.8 trillion in 2005 to $8.9 trillion this year. “So the Federal Reserve has a lot of assets, that must be great, right? And they’re buying bonds, that must be great,” he noted before explaining what the Federal Reserve was actually doing.

“What they are doing is making fake money out of thin air and lending it out to create purchasing power worth, we are now $9 trillion in fake savings made by the Federal Reserve,” the billionaire described, adding:

Creating fake credit that equates to purchasing power is amazing. The problem is that the dollar is the reserve currency of the world and can do nothing about it. You can’t leave the dollar – unless you go to bitcoin.

Salinas warns of central bank digital currencies

Salinas went on to talk about central bank digital currencies (CBDCs). He presented a photo of ECB chief Christine Lagarde, BIS director Agustin Carstens and US Treasury Secretary Janet Yellen. He called them ‘The Villains’.

He said: “CBDC, central bank digital currency, that’s worse than the dollar. It’s much worse than the dollar because when the CBDC is issued, these people have complete control over how you spend your money.” He thought:

Plus they will track 100% of all your spending and what you spend and how you spend it – they are pretty devilish people.

He pointed out that although Lagarde was the head of the International Monetary Fund (IMF), the organization released documents stating that “the way to deal with government debt is through inflation, we will liquidate the debt and get away with it.” by paying less.”

He noted that we’re currently on the equivalent of his $2,000 a month salary and we’re going down the road of making $20 a month, and he then asked, “Is this the future you want?”

He concluded: “I’ve been there and I’ve done that and it’s going to come. It’s not a pretty face. So, what can we do? We can buy bitcoin and sell those shitcoins that we have there. And certainly not against fiat fraud.”

He warned: “This has happened. It just didn’t happen to the US. It doesn’t mean it can’t happen to a civilized country. Germany was a very civilized country until it was hit by inflation in Weimar.” While he admitted that Germany is not the same as Zimbabwe, he said it can go through the same process. The billionaire opined: “Unfortunately in the US it is curtains. This is the way to save your skin – buy bitcoin.”

Salinas tweeted on Thursday:

Please… don’t put your future in the hands of governments, you and I know how that always ends, stay away from fiat money, invest in BTC.

What do you think of Ricardo Salinas’ comments? Let us know in the comments below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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