No country regulates the bitcoin exchange rate: what one of the richest billionaires called for
Bitcoin is a reliable hedge against inflation, as no government can regulate the rate of the first cryptocurrency. Against this backdrop, he urged investors to sell government bonds and invest these funds in BTC.
Ricardo Salinas Pliego, one of the richest people in the world and founder of the Mexican business group Grupo Salinas, said it in an interview with Bitcoin Magazine. Bloomberg ranked him 136th in its billionaire index, with an estimated net worth of $13.1 billion, making him the third richest Mexican.
"Bitcoin is tax-resistant and can easily fit into hyperinflationary economies common in Latin America. Bitcoin is a reliable hedge against inflation because it cannot be depreciated," the billionaire explained.
According to him, for the global adoption of bitcoin, people need to realize that their governments are "deceiving them." But the central government will prevent it, because otherwise they will not be able to "confiscate people's wealth."
"Currency devaluation is a very useful fraudulent trick to avoid tax or debt increases. Bitcoin will protect the people from the 'managers', the so-called cavemen of the government," Pliego said.
That is why the U.S. Securities and Exchange Commission (SEC) is said to be reluctant to approve applications to launch spot cryptocurrency funds (ETFs). According to the Mexican entrepreneur, SEC Chairman Gary Gensler is not protecting investors, but rather a way to finance government spending without raising taxes.
The billionaire himself is confident that the emergence of Bitcoin ETFs will push the first cryptocurrency's rate up. Currently, the US regulator is considering two applications from investment companies BlackRock and Fidelity.
Earlier, Ricardo Pliego repeatedly spoke in support of cryptocurrencies and called for the abandonment of fiat currency, i.e., state-backed currency. In addition, in 2020, he admitted that he had invested 10% of his liquid portfolio in bitcoin.
As OBOZ.UA previously wrote, the analytical company CryptoQuant also believes that if the US approves spot cryptocurrency exchange-traded funds, the bitcoin rate may rise to $50-73 thousand per coin. The market capitalization of the first cryptocurrency could grow by $900 billion.