Mexican Billionaire Labels Fiat as a "Vampire’s Stake," Moves 80% of Holdings into Bitcoin

Ricardo Salinas Pliego, the Mexican billionaire who established Banco Azteca and stands among the country's most powerful entrepreneurs, has once again voiced his firm rejection of fiat currencies and his steadfast endorsement of

. In his recent interviews and public remarks, Salinas—whose fortune surpasses $5 billion—has denounced fiat money as the “biggest fraud,” promoting Bitcoin as the only real alternative to what he considers a fundamentally unjust system Mexican Billionaire, Who Set Up One of the Nation's Top Banks, Called Dollar-Like Fiat Money The 'Biggest Fraud' And Sees Bitcoin As The Only Escape [ 1 ]. Drawing from his extensive background in Mexico's financial world, his criticisms echo a wider sentiment that highlights Bitcoin's decentralized nature and its ability to resist inflationary measures Crypto Regulations In Mexico 2024 [ 3 ].

Salinas’ mistrust of conventional banking arises from his view that fiat currencies serve as tools for government control and the depletion of wealth. He claims that depositors are frequently led to believe their funds are safely kept in banks, when in truth, those funds are lent or invested elsewhere, exposing them to broader financial risks Mexican Billionaire, Who Set Up One of the Nation's Top Banks, Called Dollar-Like Fiat Money The 'Biggest Fraud' And Sees Bitcoin As The Only Escape [ 1 ]. “People imagine their money sits securely in a vault,” he remarked, “but in reality, it’s been loaned out for things like buying homes.” His perspective, shaped by witnessing Mexico's intense inflation during the 1980s—when the peso collapsed from 20 to 3,000 per dollar in just six years—has strengthened his belief that Bitcoin's limited supply and decentralized structure provide a more reliable way to preserve value Crypto Regulations In Mexico 2024 [ 3 ].

In line with his convictions, Salinas has committed 80% of his assets to Bitcoin and gold. He began purchasing Bitcoin in 2013 when its price hovered near $200, and has weathered its volatility, including a substantial sale at $17,000 in previous years. By the end of 2025, Bitcoin had reached $117,209, marking a 0.46% rise over the last 24 hours Mexican Billionaire, Who Set Up One of the Nation's Top Banks, Called Dollar-Like Fiat Money The 'Biggest Fraud' And Sees Bitcoin As The Only Escape [ 1 ]. This investment strategy reflects his belief that Bitcoin’s deflationary character and international accessibility make it an optimal safeguard against both inflation and geopolitical turmoil. He has also encouraged everyday investors to favor Bitcoin over real estate, arguing that while housing can be reproduced, Bitcoin’s capped supply guarantees its lasting value Crypto Regulations In Mexico 2024 [ 3 ].

Salinas has taken his advocacy beyond personal finance, emerging as a prominent proponent of Bitcoin's broader social and economic promise. He co-authored The Bitcoin Enlightenment, a book presenting Bitcoin as a moral response to excessive government power and a means for individuals to achieve financial independence Crypto Regulations In Mexico 2024 [ 3 ]. His appearances, including on Robert Breedlove's What is Money? podcast, have reinforced his view that Bitcoin allows people to break free from what he terms a “matrix” of reliance on the state Mexican Billionaire, Who Set Up One of the Nation's Top Banks, Called Dollar-Like Fiat Money The 'Biggest Fraud' And Sees Bitcoin As The Only Escape [ 1 ]. Salinas is also openly critical of Keynesian economic theory and central banking, comparing fiat currencies to a “vampire’s spike” that extracts wealth through inflation Crypto Regulations In Mexico 2024 [ 3 ].

The rising popularity of cryptocurrencies in Mexico gives context to Salinas' growing influence. Mexico now stands 16th worldwide for crypto transaction volumes and has experienced an 18% annual increase in adoption. While regulators, notably the Bank of Mexico (Banxico), urge a “safe distance” between traditional finance and digital assets, the expansion of platforms like Bitso has broadened access to crypto. Salinas’ advocacy fits this movement, as his promotion of Bitcoin resonates with a population seeking alternatives to the peso’s instability and high remittance costs.

Salinas’ perspective is part of a larger trend in Latin America, where Bitcoin is increasingly seen as both a store of value and a payment method. His focus on Bitcoin’s protective qualities against inflation reflects a view shared by many supporters worldwide. Nevertheless, his cautions about fiat and real estate investment highlight the dangers of centralized financial systems and the importance of financial self-reliance amid growing economic uncertainty.