With an estimated fortune of US$15.2 billion, Ricardo Salinas recently dipped his toe into the world of Bitcoin in a big way – to the tune of 10% of his net worth. This has since been followed by an unexpected announcement via Twitter where he revealed he is working with his bank to be the first in Mexico to accept Bitcoin.
Salinas’ View of Bitcoin: ‘No Stinky Fiat in My Portfolio’
In a short video doing the rounds on Twitter, Salinas talked about Bitcoin and his view that all fiat currencies are “a fraud”. When asked how he would invest over the next 30 years, he named Bitcoin and, with a smile, indicated he would not have any “stinky fiat” in his portfolio.
Salinas further argued that Bitcoin’s liquidity and global value alone justified inclusion in every investor’s portfolio. To him, the most important aspect of Bitcoin was the 21 million hardcap that stood in direct contrast to the limitless abundance of fiat currency.
Bitcoin Billionaires Banter on Twitter
Shortly after the Salinas video was published, Michael Saylor shared it and had this to say:
Soon after, the 65-year-old Mexican mogul responded:
Financial Institutions are Increasingly Changing Their Tune
Salinas’ sentiments reflect a growing recognition within financial institutions such as banks that the digital asset space is here to stay. This remarkable turnaround started with the establishment of trading desks, which has since progressed into retail banking.
To illustrate this dramatic shift, NYDIG recently reported that by the end of 2021, up to 300 million US citizens would be able to buy Bitcoin natively through their online banking.
It’s difficult to see this trend slowing down in the long run, particularly in light of El Salvador’s recent adoption of Bitcoin as legal tender, with a host of Latin American countries looking to follow suit.
Notwithstanding these positive developments, at this stage it remains unclear whether Salinas will succeed in his quest to get his bank to accept Bitcoin.
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