Mexican Billionaire Calls Fiat Fraud, Says His Bank Working To Accept Bitcoin

Mexican billionaire Ricardo Salinas Pliego said he is working with his bank, Banco Azteca, to be the first in Mexico to accept bitcoin.

Ricardo Salinas Pliego, Mexico’s third-wealthiest man and the owner of Banco Azteca as well as a major business empire, reaffirmed his Bitcoin endorsement and shared that he is working with his bank to become the first in Mexico to accept BTC.

“Sure, I recommend the use of Bitcoin, and me and my bank are working to be the first bank in Mexico to accept Bitcoin, if you need more details or information follow me on my Twitter account,” Pliego tweeted in response to MicroStrategy CEO Michael Saylor.

Saylor quoted a video in which Pliego explained what he likes about Bitcoin and why he does not appreciate the current monetary system based on fiat currencies, which he called “a fraud.”

“I have invested a lot of time studying [bitcoin] and I believe it’s an asset that should be part of every investor’s portfolio,” Pliego said in the video. “The finite supply of bitcoin, the 21 million, is the key part of the whole thing … fiat is a fraud.”

Pliego also mentioned inflation in his home country, citing the heavy debasement that the Mexican peso has experienced against the dollar since the billionaire started his career in 1981. At the time, one dollar could buy 20 Mexican pesos, but according to Pliego, now that figure has climbed to 20,000 pesos.

“The fraud in fiat is inherent to the fiat system, and we can see it take place in the U.S. right now,” the Mexican billionaire continued. “The monetary emission went to the moon … the dollar as hard money is a joke.”

Finally, Pliego said in the video that if he had to choose only one asset, good or currency to hold through the next 30 years, he would select bitcoin and “no stinky fiat for any reason … no paper bills.”

The billionaire, who said last year that he holds 10% of his liquid portfolio in BTC, has a fortune with stakes in the retail, banking and broadcast businesses. According to the Bloomberg Billionaire Index, Pliego currently is the world’s 137th-richest person, with an estimated $15.4 billion net worth.