Indians Pour More Money Into Crypto And Mexican Billionaire Believes Fiat Is A Fraud

---

With all the commotion over Bitcoin’s drop to $28,000 last week, we can see that in the past week the world’s biggest cryptocurrency has now only moved some 1% in the last seven days and therefore the news of its demise seems highly exaggerated.

This morning the invention by Satoshi Nakamoto trades for $34,900 and is up 5%, still a multiple of its average value in 2020.

Ethereum remains above the $2,000 mark meaning its up some 150% for the year. Today Ethereum is up 8%.

Indians pour billions into crypto

The Indian crypto market has grown from some $200 million to nearly $40 billion in the past year, claims this report from Bloomberg.

India households normally prefer gold as a safe haven but the younger generation is clearly going towards crypto and is responding to its appeal.

Fiat is a fraud

Mexico’s third wealthiest man, Ricardo Salinas, was the star of the cryptosphere this weekend when he explained in a viral video why he invested so much of his assets in Bitcoin already.

Here is a video of Mexico’s third wealthiest man explaining why he believes all fiat currencies are a fraud and he wants to hold bitcoin over the next 30 years.

Incredible to see this from @RicardoBSalinas given his historic wealth and success. pic.twitter.com/FDVPxgWfFj

— Pomp 🌪 (@APompliano) June 27, 2021

In a video that Anthony Pompliano sent to his 1 million followers on Twitter, Mr Salinas stated:

Fiat is a fraud. I started my professional career in ‘81. The Peso was at 20 x 1 USD. Today, we are at 20.000 x 1. That’s all there’s to know. And that’s here in Mexico, because if we look at Venezuela, Argentina, or Zimbawe, the numbers loose all proportion.

The fraud of fiat is something inherent to the fiat system, and we’re watching it happen in the USA. The monetary emission went to the moon, you understand. The Dollar as hard money is a joke.

According to Forbes, Salinas owns about 12 billion dollar. Last year he admitted that he had stored some 10% of his investment portfolio in Bitcoin.

peshkova / Depositphotos.com