Mexican billionaire and Bitcoin (BTC) bull Ricardo Salinas considers flagship crypto a better store of value than gold. So what is the reason behind this thought of the famous billionaire? Details are here.
Salinas, whose portfolio of assets consists of 60% “Bitcoin and Bitcoin stocks”, said in a new interview that gold is highly prone to manipulation.
“The thing is – gold is very easy to manipulate. Think about it, the gold price has stabilized in London… Look what happened to the London Metal Exchange last month because of nickel. I mean, the whole thing is a complete fraud.”
For those who do not know, nickel prices on the London Metal Exchange increased by more than 50 percent in a few hours in the transactions on 8 March, exceeding the level of 100 thousand dollars per ton. For this reason, trading on the stock market has been suspended. Salinas cites this development.
On the other hand, according to the Mexican billionaire who serves as the head of Grupo Elektra holding, the price of Bitcoin (BTC) cannot be manipulated as easily as gold.
“Bitcoin doesn’t have gold problems. You don’t have to carry it with you. You don’t need to hide it around. And most importantly, it is very difficult to manipulate the price. Because there are many places in the world where you can trade 24 hours a day. It’s not like gold, is it?”
Salinas, who is estimated to have a fortune of 12.3 billion dollars, said that his family has kept their wealth in gold for generations, but everything changed when he discovered Bitcoin.
“We’ve always been a gold bug (someone who believes gold is the most important investment tool) in my family or my father and grandfather. And we thought gold was the solution to fiat money. And we always bet on that. It also helped. It was very helpful in some moments…
Gold has all these problems, and when I learned about Bitcoin, that changed everything now because Bitcoin does not have gold problems.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.