Mexican Billionaire Salinas Pliego says Buy Bitcoin and “save your skin,” as he has experienced living in hyperinflation. Salinas warns that many US and 1st world countries are going on the same route as Mexico in the 1980s. For those unaware of hyperinflation, it happens when a country’s currency is devalued at an alarming rate due to excessive printing of money.
Buy Bitcoin and “save your skin”
At the 2022 Bitcoin Conference in Miami, Salinas Pliego talked about inflation and Bitcoin. Even in the past, he has talked about the same topic and warned about the inflation rates going bonkers. At the conference, he shared his own personal experience of living through hyperinflation. Salinas said that in the 1980s, he was making $2,000, and just within a few years, the same $2,000 dropped to $20. He called himself a victim of hyperinflation and said it’s not the same as knowing it in theory and actually experiencing it.
The US, UK, and Japan might not seem near to what Mexico has gone through, but they are going down the same path. Salinas said that the numbers might change, but the graph is the same. He pointed out the trillions in debt now and the projection of $36.2 trillion by 2023, which is on records. There is bound to be a lot off the books as well.
Coming to the assets owned by the Federal Reserve, it is at $8.9 trillion now from 800 billion in 2005. However, it’s not that great as they are making fake money and loaning it out to make fake assets. The problem is that the USD is the global currency and in order to do anything is to go to BTC.
The problem with CBDCs
Salinas called CBDCs even worse than the US Dollar as they will give the authorities power over how you spend your money. It will also have privacy problems where they can track everything you spend your money on. The same privacy concern was talked about by US Senator Ted Cruz a while back, and he even introduced a bill to prevent it. Salinas pointed out that the IMF even published a paper saying that the way to get away with debt is inflation as they have to pay less then. So, the path the US is taking does seem similar to Mexico.
What are your thoughts as Salinas said, Buy Bitcoin and “save your skin”? And do you think that the US is headed towards hyperinflation? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: NPCI halts UPI payments option for Coinbase within 3 days of its launch.