Mexican Billionaire Advocates Bitcoin for Wealth Protection — 'People Need to Realize They're Being Robbed'

Mexican billionaire Ricardo Salinas sees bitcoin as a way to protect against inflation tax because the cryptocurrency cannot be debased. “People’s savings are being taken from them without their permission, without their knowledge,” he stressed, adding that “everybody would benefit from understanding that the debasement of currency is a very useful trick in the fraudsters’ trick book to avoid raising taxes or debt.”

Ricardo Salinas on Benefits of Bitcoin

Ricardo Salinas, chairman of Grupo Salinas, discussed how bitcoin can affect an economy, particularly in Latin America, in an interview with Bitcoin Magazine, published Friday.

“All over the world, not just in Mexico or Latin America, what we’re seeing is this increasing inflation tax, which means that the people’s savings are being taken from them without their permission, without their knowledge, and it’s very sad, especially for people who depend on this for their retirement,” he began, adding:

So bitcoin is a way to protect against that because it cannot be debased.

“So the importance of bitcoin is that it’s tax resistant and many other things, but very specifically applied to hyperinflationary economies, which we have several in Latin America,” the Mexican billionaire added.

When asked about what needs to happen in Mexico for mass bitcoin adoption, Salinas replied: “The first thing that needs to happen is people need to realize that they’re being scammed, that they are being robbed by these crooks and the government.” He stressed: “That’s what they are, they’re fraudsters. They commit fraud and they stand there and say ‘how are we doing monetary policy’ and they’re just stealing people blind.”

The billionaire emphasized: “So first thing that needs to happen is people need to understand how this works so they can then defend against that but these ‘gobiernicolas,’ these government cavemen as I call them, they’re not dumb and they’re not stupid and they’re not going to give away this power they have to confiscate people’s wealth, so you gotta take it from them.”

He opined:

I think everybody would benefit from understanding that the debasement of currency is a very useful trick in the fraudsters’ trick book to avoid raising taxes or debt.

Regarding how a bitcoin exchange-traded fund (ETF) will affect BTC, he said: “Obviously, an ETF is a new source of demand. It makes it easier for people to invest in bitcoin so that’s great. It’s what’s needed. But precisely because it’s great and what’s needed, it’s precisely because of that reason that the crooks in power don’t allow it to proceed.” He noted that the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, “knows exactly what we’re talking about.” The billionaire concluded:

He [Gensler] has very good reasons not to allow, as well as the people in the Treasury and the Fed, they all know perfectly well it’s not about protecting investors, it’s about protecting their way of financing government spending without raising taxes.

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