Bitcoin is a Better Investment than Fiat: Mexico’s Third-Wealthiest Man

Updated:

The third-wealthiest man in Mexico has doubled down on his pro-Bitcoin statements after recently advising people to avoid fiat currencies and invest in Bitcoin (BTC) instead. Ricardo Salinas Pliego made the comments on a video posted on Twitter, where he wished his followers compliments of the season.

Salinas is the founder and chairman of Grupo Salinas, a conglomerate of companies with interests in various sectors, including telecommunications, media, financial services, and retail stores. According to Forbes rich list, the billionaire is worth $13 billion.

In his video broadcast, Salinas noted that:

“Stay away from fiat money. The dollar, the euro, the yen, or the peso — they are all the same story. It’s fake money made of paper and lies. The central banks are printing more money than ever before. Invest in Bitcoin.”

Notably, the billionaire has made other pro-Bitcoin statements in the past. In November, he took to Twitter to tell his followers to “Buy Bitcoin right now,” adding that the US is “looking more and more like any other irresponsible third world country.” To support his assertions, the billionaire also posted a chart illustrating what he called “the scale of fake money creation.”

In June, Salinas announced that he plans to allow his bank to accept BTC, noting that“I recommend the use of bitcoin, and me and my bank are working to be the first bank in Mexico to accept bitcoin.” He also believes that “Bitcoin is the new gold,” noting that it is “much more portable.”

Key Bitcoin Levels to Watch — December 28

BTC fell under bearish influence yesterday, following another rejection from the $51,400 top. This rejection prompted the formation of a double-top pattern, which typically indicates a sharp bearish move.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView

That said, the sharp drop recorded over the past 24 hours comes as a result of the double-top sighting. However, bears lack the composure to press a sustained move towards the $48,000 support. Nonetheless, bulls could get sidelined over the coming days if they fail to push the price back within the critical pivot zone, where a renewed bullish sentiment should emerge.

Meanwhile, my resistance levels are at $49,500, $50,000, and $50,500, and my key support levels are at $48,500, $48,000, and $47,000.

Total Market Capitalization: $2.30 trillion

Bitcoin Market Capitalization: $926.5 trillion

Bitcoin Dominance: 40.3%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.