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.
“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.”
ICheck Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Oleksandra Klestova