Billionaire Ricardo Salinas Says Sell Your Home And Buy Bitcoin
One of Latin America's wealthiest men is ramping up his advocacy for Bitcoin.
"You have a house?" Grupo Salinas Chair Ricardo Salinas said on an episode of Robert Breedlove's "What is Money?" podcast released last week. "If you think that's your investment, sell the house and buy Bitcoin and rent, or keep the house, take a mortgage, buy Bitcoin and then use the Bitcoin to cover your spending needs as they show up."
Salinas' remarks are a significant escalation from his previous advice that individuals employ a dollar cost averaging strategy to get into Bitcoin. The escalation comes as the billionaire says individuals are facing an imminent threat of having their savings eroded, touting Bitcoin as the only way out.
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He said that while a house was a good investment, it did not "stand a chance against Bitcoin," as the value of houses has historically gone down against the cryptocurrency asset.
"You can't take the house with you if something happens," he said, outlining more downsides of real estate against Bitcoin. "And you know you get the property tax and you get the maintenance."
Salinas said that amid the U.S.' mounting debt burdens, the government will soon attempt to liquidate the debt through inflation. The process of liquidating debt typically involves bringing interest rates below inflation, triggering more inflation that reduces the real value of the debt. Indeed, this is a strategy that President Donald Trump appears to be leaning towards, with multiple calls for the Federal Reserve to cut rates.
Salinas said Mexico went through a similar occurrence in the 1980s, adding that he saw the currency exchange rate go from 20 pesos to a dollar to 3,000 pesos to a dollar in six years.
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Over the years, Salinas has built a public image of a libertarian who is opposed to the fiat system and inflation.
"This fiat thing, which is a direct consequence of Keynesian economics, has to be put to death, you know, like the spike of the vampire with a silver bullet through the heart," he told Breedlove.
In May, Salinas released a book called "The Bitcoin Enlightenment," co-authored with fellow Bitcoin proponents Pascal Hügli and Daniel Jungen. In the book, he expands on his distrust of the fiat system and his belief that Bitcoin is the way out. And per recent public claims, Salinas is putting his money where his mouth is."In my personal portfolio, the one I manage myself... Yeah, I'm pretty much all in," he told Bloomberg in March. I've got about 70% in Bitcoin-related exposure and 30% in gold and gold miners. I don't have a single bond and I don't have any other stocks except my own."
Salinas' disclosed 70% allocation is a significant jump from the 60% he had announced in 2022.
Beyond personal investments, Salinas disclosed plans to allow his bank, Banco Azteca, to accept Bitcoin in 2021, but he could not proceed with the plan due to regulatory hurdles in Mexico.
Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are .
Image: Shutterstock
This article Billionaire Ricardo Salinas Says Sell Your Home And Buy Bitcoin originally appeared on Benzinga.com
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