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VI Mexico's third-richest billionaire, Ricardo Salinas Pliego, shared his experience of living through hyperinflation. He warned the United States and a number of other civilized nations were "going in the same footsteps" that his country went through in the 1980s.
Billionaire Ricardo Salinas Pliego
Mexican billionaire warns about inflation
Mexico's third-richest billionaire, Ricardo Salinas Pliego, offered some advice Thursday regarding inflation, hyperinflation, Bitcoin and fiat money at the conference Bitcoin 2022 in Miami, Florida.
Salinas is the founder and president of Grupo Salinas, a group of companies specializing in telecommunications, media, financial services, and retail. According to Forbes' billionaires list, his net worth is currently around $13 billion.
This billionaire shared his own experience of living with inflation:
“I made $2,000 in 1980, and a few years later, I made $20 – the salary dropped from $2,000 to $20.
So I understand hyperinflation. I used to live in that period. And everything is not the same as the theory because I am really the victim of it.
The sad thing is that the United States, Japan, the United Kingdom and the European Union countries are following the same path that my country did in the 1980s. Exactly the same and just different numbers but the same graph”.
The Mexican tycoon has charted the total federal debt of the US government, which is projected to be $36.2 trillion by 2031.
“See, it's terrible. $36 trillion and this is debt on the books, not counting other debts.”
The next chart he shows is the total wealth of the United States, which has grown from $0.8 trillion in 2005 to $8.9 trillion this year.
“So the Federal Reserve has a lot of assets, that's great, isn't it? And they're buying bonds, which must be great," he commented before explaining what the Fed actually did.
“What they're doing is creating 'fake' money out of the volatility space and lending it to a purchasing power that matches the $9 trillion 'fake' savings made by the Fed.
The creation of fake credit equivalent to purchasing power is astounding. The problem is that because the US dollar is the world's reserve currency, nothing can be done about it. You can't not use USD unless you use Bitcoin".
Salinas warning about Central Bank Digital Currency
Salinas goes on to talk about central bank digital currency (CBDC). He cited ECB President Christine Lagarde, BIS general manager Agustin Carstens and US Treasury Secretary Janet Yellen are "villains".
"CBDC, the central bank digital currency, is even worse than the USD. It is much worse than USD because if CBDC released, these people will have full control over how you spend your money.
Moreover, they will keep track of all your spending 100%, what you spend and how you spend it – they are pretty insidious people.”
He pointed out that while Lagarde As the President of the International Monetary Fund (IMF), the organization has published articles saying that “the way to deal with government debt is through inflation, we will convert debt form and pay less.” than".
He notes that we are currently at the equivalent of his $2,000 a month salary and well on the way to making $20 a month.
“Is this the future you want? I live in that day and it will come. That's not a pretty prospect. So what can we do? We can buy Bitcoins and sold the shitcoins we had at the time. Definitely not for fiat fraud.
This has happened. It just hasn't happened to the United States yet. It doesn't mean it can't happen to a civilized country. Germany was a very civilized country until it was hit by inflation in Weimar.”
While acknowledging Germany is not like Zimbabwe, he said Germany could face a similar process. The billionaire emphasized:
“Unfortunately, in the United States, it's the veils. How to Protect Yourself: Buy Bitcoin.”
Salinas tweeted on Thursday:
I want to thank @TheBitcoinConf for giving me the opportunity to speak about “what's next”, it was a pleasure to meet you all 😌.
— Ricardo Salinas Pliego (@RicardoBSalinas) April 7, 2022
“Please… don't put your future in government's hands, you and I know how does that always ends, stay away from #FIAT money, invest in #btc” pic.twitter.com/sjVvbbZKcY
“Please… don't put your future in the hands of governments, you and I know how that will always end, stay away from fiat money, invest in it. BTC".
