Ricardo Salinas, a Mexican billionaire and Chairman of Grupo Salinas, recently urged citizens to invest in Bitcoin instead of real estate.
Advice on Investing in Bitcoin
Salinas made this statement during an appearance on Robert Breedlove's podcast, 'What is Money?'. He emphasizes that Bitcoin is a scarce asset, and his portfolio now holds 70% in Bitcoin, increased from 10%.
Public Reaction to the Statement
Salinas' remarks sparked mixed reactions on social media, with some supporting his approach while others warn of the high risks associated with cryptocurrency investments.
Lack of Institutional Response
Economic analysts note that there was no immediate institutional or regulatory response to Salinas' comments. The Bank of Mexico continues to assert that cryptocurrencies are not legal tender within the country.
Salinas' endorsement of Bitcoin may encourage further discussions within the financial community regarding the long-term viability of cryptocurrencies amid fiat currency volatility.
