Popular Billionaire from Mexico named Ricardo Salinas Pliego, also known as the 3rd wealthiest person in the country, made a statement saying that Bitcoin is really good for long-term holding and also intends to keep supporting Bitcoin.
Bitcoin is seeing a major downfall in popularity as Ethereum continuous to dominate the market, but Ricardo justifies his pro-Bitcoin statement by explaining that according to all his research and study on Bitcoin, every trader and investor should not abandon Bitcoin. There were a couple of reasons that pushed him to a conclusion supporting Bitcoin.
Liquidity and Limited Supply
The first reason was the extreme amounts of liquidity that have been put into the asset, which has been showing a global presence, giving it massive amounts of value in the international market. Ricardo also mentioned that the limited supply of Bitcoin is what makes it a much attractive and valuable asset compared to others. Bitcoin has been designed in which a way that only 21Million Bitcoins are in existence around the globe, meaning that this high supply range is what makes it better than Ethereum.
Fiat System ‘Fraud’
Ricardo also targeted the fiat market, practically having almost zero faith in the currency and deliberately saying that the fiat currency system is a complete fraud. Ricardo compared the Mexican peso to the United States Dollar, highlighting the price ratio, previously being 20peso to $1 back in the 1980s and now reaching a 20,000peso to $1 trade difference. Many Bitcoin supporters see Fiat currency as a way for the government to take over the wealth of its citizens, and while Central Banks continue to print it, the currency already present in circulation starts to lose value.
Bitcoin has been in the eyes of multiple Billionaires. Billionaire Paul Jones has said that modern crypto trading portfolios should have at least 5% Bitcoin holdings to make them viable enough for consideration. Despite all this, Ethereum has a few tricks up its sleeve that Bitcoin cannot match. The new Ethereum update will bring many network enhancements, which will hopefully bring down transaction fees and will also make Ethereum deflation able. Also, Ethereum has many advanced features that Bitcoin can’t even hope to possess because of its outdated network system, making Bitcoin a store of value rather than providing actual profitable features.