Mexican Billionaire: “Fiat is a Fraud”

Latin America is Optimistic about Crypto and Blockchain Technology

Latin American countries are very active in crypto adoption. They are optimistic about their stance on crypto, compared to bigger economies. It is partly because of the lack of highly developed traditional financial systems in these countries. In addition, most Latin American countries have lower economic positions in the world. Therefore, these countries are seeing their biggest economic opportunities in cryptocurrencies and blockchain technology. 

Recently, El Salvador became the first country to adopt Bitcoin as a legal tender. On the other hand, Colombia is emerging as one of the fastest growing crypto markets, driven by young retail investors.

The Dollar as Hard Money is a Joke

Recently, the third wealthiest person in Mexico, Ricardo Salinas Pliego spoke out about bitcoin and called fiat currencies “fraud” during an interview. 

“Fiat is a fraud. I started my professional career in ‘81. The Peso was at 20 to $1. Today, we are at 20,000 to $1. That’s all there’s to know. And that’s here in Mexico because if we look at Venezuela, Argentina, or Zimbawe, the numbers lose all proportion. The fraud of fiat is something inherent to the fiat system, and we’re watching it happen in the USA. The monetary emission went to the moon, you understand. The Dollar as hard money is a joke.”

Pliego Received Support From the Like-Minded Businessmen

Pliego is definitely not the first among the businessmen who are taking a strong stance in favor of cryptocurrencies over fiat currencies. MicroStrategy’s CEO, Michael Saylor also gave an interview earlier this year, about why his company is investing in BTC. Saylor also pointed out that Ethereum is going to completely destroy traditional banking establishments and exchanges. He retweeted Pliego’s interview by commenting that Bitcoin is the best way to preserve wealth. 

“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 replied on the twitter thread. 

Open support from business-people shows how much opportunity blockchain technology and cryptocurrencies can bring to the table for everyone: individuals, businesses, and entire countries. From the looks of it, there are going to be more business-people and companies that will double down on this opportunity to transform the traditional financial system. 

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