Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,070 trillion. Bitcoin is down by nearly 2% after intense seesawing this week. Ethereum increased by almost 2% over the past seven days. XRP lost more than 1% in value this week. Almost all altcoins are trading in the red, with a few exceptions. The DeFi sector decreased the total value of protocols (TVL)…
Billionaire Ricardo Salinas Pliego in an interview, aired his view on Bitcoin, stating that every investor should have Bitcoin in their portfolio. He added on to say that the dollar is a joke.
The third wealthiest billionaire in Mexico has been studying Bitcoin in-depth and compares it to other assets; he suggested 100 hours of study. He considers Bitcoin as a value store in the future as it offers unique features that guarantee its success.
Bitcoin Inclusion in Portfolios
Piliego highlighted in the interview that Bitcoin’s 21 million maximum supply is vital. It means that they are no longer created to ensure that they do not degrade. The billionaire also pointed out that this could not be obtained from other currencies such as Ethereum.
He also applauded Bitcoin for its international value and its vast liquidity trading at a world level, beyond having a limited supply. It is sufficient justification to apply it to the portfolio of each investor.
Salinas on Fiat Currencies
Fiat is a scam, Ricardo added. He claimed that his Mexican Peso currency has gone from 20:1 to 1:20,00 since 1981. And that’s in Mexico, but the statistics lose all proportions if we look at Venezuela, Argentina, or Zimbabwe, he added. In these countries, after significant inflation, the monetary system has collapsed totally.
In Zimbabwe, in particular, it is desperate to use its currency, which has sanctions for individuals and businesses who do not accept the Zimbabwe dollar recently reintroduced. After it collapsed against the dollar for almost ten years, the country has not used the currency.
Ricardo stated that the crack is already evident in the United States with the product of a dysfunctional banking system.
The interviewer ultimately asked the billionaire what he would hold in the next 30 years about fiat, silver, gold, and bitcoin. He strongly rejected fiat, unsurprisingly.
More Billionaires are Investing in Bitcoin
As the price of Bitcoin skyrocketed over the past year, folks worldwide were pulled into the crypto space and began investing. Billionaires were not locked out of this opportunity, and most have become inclined and expressed their preference over fiat.
Tesla CEO Elon Musk has been tweeting and making comments on Bitcoin and other cryptos such as Dogecoin. Despite his support, he went ahead to say that Bitcoin mining goes against Tesla’s mission on environmental conservation due to high energy consumption.
Mike Novogratz has been a bitcoin advocate and tycoon, even being the Galaxy Digital founder. He said a while back that 2020 was a blessing to what he calls the “cryptocurrency revolution.” Just this week, he stated that even though bitcoin may plunge some more, it won” t fall way down like before.
Cathie Wood, star fund manager and founder of ARK Investment Management LLC, has also supported cryptocurrencies. She said that she is still pessimistic about bitcoin hitting $500,000 in the future.