Ricardo Salinas’ Bitcoin Masterclass, Part 1: Fiat Fraud – w/ Keiser & Herbert

    By now, Mexican billionaire Ricardo Salinas is a bitcoin staple. His keynote at the Bitcoin 2022 conference was the discuss of the city, and the truth that he has 10% of his assets in bitcoin can’t be ignored. After all, he’s reportedly the third richest individual in Mexico, in order that 10% in all probability represents an ungodly quantity. And in the present day, we’re going to dissect this Ricardo Salinas interview by Max Keiser and Stacy Herbert from his personal jet.

    That’s proper, Keiser and Herbert remodeled the aircraft trip that culminated in this El Salvador visit into content material. This interview is so stuffed with jewels that we’re going to have to interrupt it into components. Consider the next article a companion piece to the video, which it is best to undoubtedly watch. We are going to give attention to Bitcoin and the present monetary system, however the three characters focus on different subjects like Ricardo Salina’s social media presence, Venice, and the which means of the phrase “pendejo.”

    Ricardo Salina’s Bitcoin Story

    How did a born-with-a-silver-spoon Mexican entrepreneur uncover bitcoin? “My father and I have always been very conscious about how the monetary debasement was going on,” begins Ricardo Salinas, after confessing each of them have been “gold bugs.” During the interview, Salinas doesn’t utter one dangerous phrase about gold, which he doesn’t think about bitcoin’s competitors. On the opposite hand, he at all times refers back to the present system as “The fiat fraud.”

    Ricardo Salinas first purchased bitcoin as a commerce, and instantly realized it was even higher than gold due to its inherent traits:

    • Finite challenge
    • Self custody
    • Unseizable

    Still, Salinas considers bitcoin “an asset that you can trade. It’s an asset, just like an Apple stock or a gold bar.” Later on, although, when evaluating bitcoin to gold Salinas says that bitcoin is  “a better asset because it can be more secure, it can be more portable (…) it’s more divisible, verifiable. It’s just a better asset in many ways.”

    And he’s proper, bitcoin is an asset. Nevertheless, it’s additionally a lot extra.

    BTCUSD price chart for 05/05/2022 - TradingView

    BTC value chart for 05/05/2022 on Bittrex | Source: BTC/USD on

    Salinas On El Salvador And The Fiat System

    That personal jet is heading to El Salvador, the place Ricardo Salinas met with President Bukele. About their Bitcoin Law, he says, “to stop being a colony, it takes more than just issuing your own currency or having solid currency.” However, he additionally sees the potential disadvantages, “it’s not easy to just be sovereign, meaning cutting ties. It’s not good for anyone to cut ties.”

    In common, Salinas has a barely apocalyptic view of what’s taking place. He thinks that bitcoin is “not good for the people in power. And they’re not giving up their power lightly.” However, that doesn’t imply he’s in favor of the fiat fraud. Not within the slightest. “The fiat system has allowed the big state to exist, and that means two things. It means the war state, the national security state, and on the other hand, it means the welfare state. So I call it the welfare-warfare state. That is what fiat has allowed to happen.”

    On Ownership And Digital Money

    “Making payments in a digital way is absolutely the future,” Salinas says. His financial institution, the Banco Azteca, hasn’t merged with the bitcoin community due to regulatory constraints. Speaking about confiscation, Herbert brings how the US froze the Russian reserves, Salinas places forth the instance of the Canadian truckers’ frozen donations and states, “everything you have in fiat doesn’t really belong to you.”

    When Keiser brings up the potential of bitcoin altering the present system for the higher, Salinas is just not as hopeful. “The majority of the people are having a good life by living at the expense of another minority,” he says, bringing the budgets of the Military-Industrial Complex and the Welfare State as examples. The “fiat fraud is what facilitates the current day slavery,” Ricardo Salinas states.

    What’s the answer, although? You guessed it. “I love Bitcoin because it puts everyone on an equal base in terms of purchasing power, and it gives no unfair advantage,” he says.”We want an atmosphere of freedom which allows, and encourages, and applauds innovation.” That offers rise to a cycle, “people copy innovation and make it better. Competition.” However, we don’t have that as a result of we don’t have freedom.

    That’s it for this primary half. Tune in tomorrow for the second version of this companion piece to the “Mexican Billionaire Ricardo Salinas: Private Jet Bitcoin Interview w/ Max Keiser & Stacy Herbert” video. Before we go, Bitcoinist leaves you with this Ricardo Salinas jewel so that you can mirror on: “To be able to see the truth is liberating. Even if the truth is not what you want.”

    Featured Image: Ricardo Salinas screenshot from the video | Charts by TradingView

    Source link

    Latest stories

    - Advertisement - spot_img

    You might also like...