Mexico's third-richest billionaire warns of severe dollar inflation, advising investors to buy Bitcoin to 'save their skin'

Ricardo Salinas Pliego, Mexico's third-richest billionaire, has described his story of living under hyperinflation. He cautioned that the United States and numerous other civilized countries are 'on the same path' as his country in the 1980s.

Mexican Billionaire Warns About Inflation

At the Bitcoin 2022 conference in Miami, Florida, Mexico's third-richest billionaire, Ricardo Salinas Pliego, delivered some advice on inflation, hyperinflation, bitcoin, and fiat currencies.

Salinas is the founder and chairman of Grupo Salinas, a conglomerate with businesses in telecommunications, media, finance, and retail. His current net worth is estimated to be around $13 billion, according to Forbes' list of billionaires.

The billionaire began by recounting his own personal experience with inflation. "I was making $2,000 in 1980 and $20 a few years later — the same wage went from $2,000 to $20," he said, adding, "I was making $2,000 in 1980 and $20 a few years later — the same salary went from $2,000 to $20 a few years later."

So I know about hyperinflation. I’ve been there. And it’s not the same to know it in theory as to actually be a victim of it.

He warned: “The bad news is that the U.S., and Japan, and the U.K., and the euroblock — they are going exactly the same route my country went in the 80s. It’s exactly copy-paste, you could just change the numbers but the graph would be the same.”

The Mexican tycoon then displayed a graph depicting the US government's entire federal debt, which is expected to reach $36.2 trillion by 2031. "See, it's horrible. He screamed, "$36 trillion on the books debt, not counting off the books items!"

The second graph he displayed depicted total US assets, which increased from $0.8 trillion in 2005 to $8.9 trillion this year. "The Federal Reserve has a lot of assets, right? That has to be excellent, right?" And they're buying bonds, which must be fantastic," he added before going into detail about the Federal Reserve's actions.

“What they are doing is making fake money out of thin air and loaning it out to create a purchasing power to the tune of, we’re now, $9 trillion of fake savings made by the Federal Reserve,” the billionaire described, adding:

The creation of fake credit which equals purchasing power has been astounding. The problem is because the dollar is the reserve currency of the world, can’t do anything about it. You can’t go out of the dollar — unless you go to bitcoin.

Salinas Warns About Central Bank Digital Currencies

Salinas proceeded to talk about central bank digital currencies (CBDCs). He brought up a picture of ECB Chief Christine Lagarde, BIS general manager Agustin Carstens, and U.S. Treasury Secretary Janet Yellen. He labeled them “The Villains.”

He said: “CBDC, central bank digital currency, that’s even worse than the dollar. It’s much worse than the dollar because if the CBDC is issued, these people will have full control over how you can spend your money.” He opined:

Furthermore, they will be tracking 100% of all your spending and what you spend and how you spend it — they’re pretty devilish people.

He noted that while Lagarde was the IMF's chief, the agency released papers claiming that "the method to deal with government debt is through inflation, we'll liquefy the debt and get away with paying less."

"Is this the future you want?" he said, noting that we are currently receiving the equivalent of his $2,000 monthly pay and that we are taking the road of earning $20 each month.

"I've been there and done that, and it will come," he said. It's not a pleasant thing to behold. So, what are our options? We can purchase bitcoin and sell the shitcoins we have on hand. "And definitely no to fiat fraud," says the author.

"This has happened," he warned. It just didn't happen in the United States. It doesn't rule out the possibility that it may happen in a civilized country. Germany was a highly civilized country until the inflation of the Weimar Republic." Despite the fact that Germany is not the same as Zimbabwe, he believes the two countries may go through the same process. "Unfortunately, in the United States, it's curtains," the millionaire said. Buying bitcoin is the way to save your skin."

Salinas tweeted Thursday:

Please… don’t put your future in governments’ hands, you and I know how that always ends, stay away from fiat money, invest in BTC.

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