The “Bitcoin is a fraud” comment, which was said by billionaire Carlos Slim, over a week ago, has made the rounds on the internet. However, if it is a fraud, then what is it? What is Bitcoin? Why was Slim thinking this way? Is he right? If he is right, how did he come to this conclusion? What can we do about it?
The Bitcoin whitepaper has some significant flaws which allow it to be used as an anti-fiat gold. The paper claims that Bitcoin is not a currency, but rather a database of records, which is a far cry from the usual definition of currency which is something you can actually use to buy things. The paper claims that Bitcoin is not subject to inflation, but this is not true, since the Bitcoin supply is fixed. The paper claims that Bitcoin can be used wherever Visa or Mastercard are accepted, which is not true, since Bitcoin is totally anonymous, whereas credit cards have a name and address attached to them, making them more akin to cash. The paper claims that Bitcoin is not controlled by banks, but is a decentralized network
The Bitcoin ‘fiat’ is the first thing that people have to consider before they see the potential gains that Bitcoin can provide. Bitcoin is a digital currency, meaning that it is not backed by any physical assets or assets. In the United States, there is a technical definition that Bitcoin is a “digital representation of value”, but to the everyday person, Bitcoin is just a virtual currency. And the moment you start thinking about a Bitcoin as a “fiat” or a “digital representation of value,” you begin to see the potential for Bitcoin to catch on.. Read more about mexico bitcoin and let us know what you think.
Banker and investor Ricardo Salinas Pliego, Mexico’s third richest businessman, says he would choose bitcoin as an investment for the next 30 years because he rejects fiat currency as a scam.
Bitcoin as an Asset
In a series of numerous tweets, the billionaire harshly criticized the fiat currency while calling bitcoin bullish. It all started when one of the biggest investors in bitcoin, Michael Saylor, CEO of investment firm Microstrategy, retweeted a video in which Salinas explained his stance on bitcoin.
If you hope to hold onto your wealth for a generation, @RicardoBSalinas suggests investing in #bitcoin. The strategy is simple – pick the highest quality assets you can find and #hodl. https://t.co/ScRubzNBuR
– Michael Saylor (@michael_saylor) 27. June 2021
In the video clip, he explains that he has spent a lot of time studying bitcoin and believes that every investor should have bitcoin as an asset in their portfolio. On the liquidity of the currency, he said bitcoin is an international currency with a global value that is traded all over the world with tremendous liquidity.
He stresses that the aforementioned feature of bitcoin is enough for anyone to have it in their wallet. He said bitcoin’s limited supply is important, and that’s what sets it apart from Ethereum, according to Salinas. The supply is infinite, so it loses value.
Fiat is a cheat
He further explicitly stated that Fiat is a scam and claimed that the Mexican peso has been devalued in U.S. dollars from 20:1 to 20,000:1 since it went on sale in 1981. He cited the examples of Argentina and Zimbabwe, whose currencies have also collapsed, Salinas said.
And finally, to answer the question, if he were to do it, what is the power he would carry with him for the next 30 years? He replied: No peso, nothing, no banknotes, and at the detective’s insistence, he said: I would choose bitcoin.
Bitcoin is the new gold:
The billionaire retweeted Saylor and said:
That’s absolutely true, #Bitcoin is the new gold, but it’s much more portable, #Bitcoin carrying around with you is much easier than having gold bars in your pockets….. AND I know I’m going to be attacked by gold enthusiasts.
Shortly after, he issued a statement saying that his bank, Banco Azteca, is working to make bitcoin available to its customers and to continue to promote freedom.
#Bitcoin es una buena forma de diversificar tu portafolio de inversión y creo que cualquier inversista debería ponerse a estudiar sobre las cryptomonedas y su futuro.
En @BancoAzteca estamos trabajando para traerlas a nuestros clientes y seguir promoviendo la libertad pic.twitter.com/bZ51FB2vKw
– Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021
According to a November tweet, Ricardo Salinas Pliego has 10% of his liquid portfolio in bitcoins.
Hoy les recomiendo EL PATRÓN BITCOIN, este libro es el mejor y más importante para entender #Bitcoin.
Bitcoin protects citizens from government expropriation.
Lots of people ask me if I have bitcoins, SHE does. Turned in 10% of my liquido wallet pic.twitter.com/6LtFVCXvuA
– Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020The cryptocurrency craze has expanded to Latin America, with bitcoin and other digital currencies now a part of everyday life in much of the region. That’s led to a boom in investment and speculation in the virtual currencies that have been around since 2009.. Read more about is cryptocurrency legal and let us know what you think.
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