Ricardo Salinas Says Fiat Is a Fraud, Explains Why Bitcoin Could Hit $1 Million

Billionaire investor Ricardo Salinas has shared a bullish outlook on Bitcoin. He argued that the world’s financial system is built on weakening fiat currencies. Additionally, he stated that Bitcoin remains one of the best ways to preserve wealth.

During a recent interview, Salinas explained why he avoids the AI investment boom. He also explained why he continuously converts cash into Bitcoin. Furthermore, he described why he said that the cryptocurrency could eventually reach $1 million.

“Bitcoin Has More Advantages Compared To Fiat”

One of the key moments in the interview came when Salinas revealed how reading The Bitcoin Standard changed his understanding of money.

According to him, money is simply the most accepted commodity in society. Throughout history, different items have served as money because people trusted they could exchange them for goods and services later.

Salinas argued that today’s fiat currencies only function because people collectively have faith in them. This is the case despite governments constantly increasing the money supply.

In his view, Bitcoin solves many of the problems associated with traditional currencies because it has a fixed supply. It also can be transferred globally and cannot be manipulated by central banks.

“The Only Way Out Is For Fiat To Be Absolutely Worthless”

Salinas didn’t hold back when discussing government money creation.

He argued that excessive government spending and monetary expansion continue to reduce purchasing power around the world. Therefore, people are forced to look for assets that can better protect their wealth.

According to Salinas, people are slowly realizing that cash loses value over time. Meanwhile, scarce assets such as Bitcoin become more attractive as inflation continues to erode purchasing power.

“I Would Never Buy The AI Bubble”

While many investors have rushed into artificial intelligence stocks and startups, Salinas says he remains skeptical.

The billionaire noted that current AI valuations do not fit his conservative investment approach. Although some of his Bitcoin mining operations have indirectly benefited from AI-related demand, he prefers owning Bitcoin itself. He would rather do this than chase what he views as an overheated trend.

“As Soon As I Get My Hands On Some Fiat, I Turn It Into Bitcoin”

Salinas said he regularly uses extra cash to buy Bitcoin instead of trying to predict market highs and lows. He supports dollar-cost averaging, which is a strategy of buying Bitcoin regularly over time. According to him, Bitcoin has more long-term growth potential than real estate. This is because it has a fixed supply and is traded globally. 

“It will be a million dollars, but I don’t know when.”He said.

While he did not give a specific timeline, Salinas remained very bullish and said that Bitcoin could eventually reach $1 million. This could be driven by growing adoption and the weakening value of traditional currencies.