Ricardo Salinas’ Bitcoin Masterclass, Pt 3: Understand Both – w/ Keiser & Herbert

    Welcome to the final installment of Ricardo Salinas’ Bitcoin Masterclass. The billionaire and his two hosts already mentioned the fiat fraud and sound money, however they’ve but to carry all of it collectively so you possibly can “understand both.” In this episode, all of it comes full circle. Keiser and Herbert get Ricardo Salinas to share some issues about his inventory portfolio and his bitcoin allocation, however we skipped all that to concentrate on his tackle bitcoin and the present system.

    It all comes full circle on the finish, after the dialog there’s a musical montage that reveals us footage of all the pieces that occurred in our first post about Salinas’ visit to El Salvador. We see the ambassador to the United States, Milena Mayorga, obtain the billionaire. We see the trio and Samson Mow go to the volcano the place El Salvador is bitcoin mining. We see all of them having dinner with Binance’s CZ. And we see photos of Ricardo Salinas and his son assembly President Bukele.

    Anyway, let’s get to the bitcoin content material. 

    Bitcoin Is Creating The Chaos

    Today’s session begins with a deal with. Max Keiser solutions what we deemed “the best questions of the whole conference” Bitcoin 2022. That is: “Is Bitcoin causing the chaos in the world, or reacting to the chaos?” What does Keiser thinks about his personal query? He informed Salinas and us:

    “To me it seems like Bitcoin isn’t reacting to the chaos, but bitcoin is causing the chaos. Because, bitcoin changes people (…) It’s a mirror where, if you’re a person with decency in your heart, you become more decent, and you think about doing other benevolent things. If you’re a person who’s got a heart that’s not well , and you are envious. It makes you more envious, it makes you worse”.

    Not to be outshined, Ricardo Salinas shoots a dire prediction relating to the normal marketplace for the subsequent few years:

    “What’s happening to the fiat world is a disgrace. Now, people that are expecting a pension are going to be defrauded of their pension. People that have saved money for their retirement, they’re not going to have the money because it’s not going to be there. It’s going to evaporate.”

    BTCUSD price chart for 05/10/2022 - TradingView

    BTC value chart for 05/10/2022 on Cexio | Source: BTC/USD on

    Ricardo Salinas On Presiden Bukele

    “He’s obviously a very sharp guy, he’s young, and he’s done these extraordinary things. So, I need to have a better sense of the person. Because, whatever he says or does on media, it’s not the same person,” Salinas mentioned about El Salvador’s president. The two would meet one or two days later. Salinas elaborated:

    “I want to understand what he wants to do and how he plans to do it. I want to hear it from him. But obviously his capacity to do things differently is evident (…) And you know this thing of having Bitcoin being legal tender in El Salvador, that changes things completely, because now it’s not just an asset, now it’s real money. At least in that jurisdiction.”

    Ricardo Salinas And The Problem With Democracy

    In a particularly optimistic second, Max Keiser describes the present state of affairs. “It seems to me that there’s an epic battle between fiat money, evil, and Bitcoin money, which is the best soundest money ever, it’s good. It’s good versus evil”. Ricardo Salinas isn’t so positive, as a result of at the moment’s system is backed by democracy. “This evil of fiat money fraud is being sustained by a democratic process, and it’s being voted into power every day,” Says Salinas convincingly.  “That’s the problem with democracy, (…) majority rule is no fun”.

    When questioned about “The Bitcoin Standard,” the e-book we’re studying in the Bitcoinist Book Club, Salinas declares it to be completely spot on concerning the Austrian School of Economics perspective over the Keynesian one. “I think the historical perspective is especially valuable. (…) This is a must-read not only to understand Bitcoin, but to understand the fiat fraud, because you have to understand both,” Salinas additionally claims.

    When questioned about Peter Shiff and his father, gold bugs till the top, Salinas continues to be respectful of the earlier king. “Having gold is not a bad idea, having everything in gold is a bad asset allocation. Speaking trash about bitcoin is a bad idea.” And by that, he signifies that if Shiff targeted on selling gold and never on criticizing bitcoin, he wouldn’t be making a idiot of himself.

    And that’s about it. How a lot did we study from Ricardo Salinas?

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

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