Mexican billionaire and Bitcoin (BTC) bull Ricardo Salinas is unveiling one major factor that he believes makes the flagship crypto a better store of value than gold.
In a new interview, Salinas, whose asset portfolio consists of 60% “Bitcoin and Bitcoin equities”, says that gold is highly prone to manipulation.
“Here’s the deal – It’s easy to manipulate gold. Just think, the gold price is fixed in London… Look what happened with the London Metal Exchange with nickel the other month. I mean, the whole thing is a fraud across the board.”
According to the Mexican billionaire who serves as the chairman of the Grupo Elektra conglomerate, the price of Bitcoin is not as easily manipulable as that of gold.
“Bitcoin doesn’t have the gold problems. You don’t have to carry it around. You don’t have to store it around. And most important, it’s very hard to manipulate the price. Because there are so many places where you can trade it 24 hours a day, all over the world. Not like gold, right.”
Salinas, who is estimated to be worth $12.3 billion, also says that his family has stored value in gold for generations but everything changed when he discovered Bitcoin.
“In my family, or my father and my grandfather, we have always been gold bugs. And we thought that the solution to fiat was gold. And we were sort of betting on that all the time. And it did help. In some moments, it helped a lot…
Gold has all these problems and when I found out about Bitcoin, well now this changed everything because Bitcoin doesn’t have the gold problems.”
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Featured Image: Shutterstock/Oleksandra Klestova
