Mexican Billionaire Calls Fiat a "Vampire’s Spike," Shifts 80% to Bitcoin

Mexican billionaire Ricardo Salinas Pliego, founder of Banco Azteca and one of the nation’s most influential business leaders, has reiterated his strong opposition to fiat currencies and his unwavering support for Bitcoin. In recent interviews and public statements, Salinas, whose net worth exceeds $5 billion, has labeled fiat money as the “biggest fraud” and positioned Bitcoin as the sole viable alternative to a system he views as inherently exploitativeMexican Billionaire, Who Set Up One of the Nation's Top Banks, Called Dollar-Like Fiat Money The 'Biggest Fraud' And Sees Bitcoin As The Only Escape^[1]. His critiques, rooted in decades of experience in Mexico’s financial sector, align with a broader narrative that emphasizes Bitcoin’s decentralized ethos and its potential to counteract inflationary policiesCrypto Regulations In Mexico 2024^[3].

Salinas’ skepticism of traditional banking systems stems from his belief that fiat currencies are tools of state control and wealth erosion. He argues that depositors are often misled into thinking their money is securely stored in banks when, in reality, it is lent out or invested, leaving them vulnerable to systemic risksMexican Billionaire, Who Set Up One of the Nation's Top Banks, Called Dollar-Like Fiat Money The 'Biggest Fraud' And Sees Bitcoin As The Only Escape^[1]. “People think their money is in a vault,” he stated, “but it’s been loaned to someone to buy a house.” This perspective, coupled with his historical experiences of Mexico’s hyperinflation in the 1980s—when the peso’s value plummeted from 20 to 3,000 per dollar in six years—has shaped his conviction that Bitcoin’s scarcity and decentralization offer a superior store of valueCrypto Regulations In Mexico 2024^[3].

Financially, Salinas has acted on his beliefs, allocating 80% of his wealth to Bitcoin and gold. He began investing in Bitcoin in 2013 at around $200 and has navigated its price volatility, including a significant sale at $17,000 in previous years. As of late 2025, Bitcoin’s price stood at $117,209, reflecting a 0.46% increase in the preceding 24 hoursMexican Billionaire, Who Set Up One of the Nation's Top Banks, Called Dollar-Like Fiat Money The 'Biggest Fraud' And Sees Bitcoin As The Only Escape^[1]. Salinas’ strategy underscores his view that Bitcoin’s deflationary properties and borderless nature make it an ideal hedge against inflation and geopolitical instability. He has also advised ordinary investors to prioritize Bitcoin over real estate, arguing that while homes can be replicated, Bitcoin’s fixed supply ensures long-term value retentionCrypto Regulations In Mexico 2024^[3].

Beyond personal investments, Salinas has become a vocal advocate for Bitcoin’s societal and economic implications. He co-authored The Bitcoin Enlightenment, a book that frames Bitcoin as a moral counterweight to state overreach and a tool for individual financial sovereigntyCrypto Regulations In Mexico 2024^[3]. His public appearances, including interviews on Robert Breedlove’s What is Money? podcast, reinforce his message that Bitcoin empowers users to escape what he calls a “matrix” of government dependencyMexican Billionaire, Who Set Up One of the Nation's Top Banks, Called Dollar-Like Fiat Money The 'Biggest Fraud' And Sees Bitcoin As The Only Escape^[1]. Salinas has also criticized Keynesian economics and central banking, likening fiat currencies to “a vampire’s spike” that siphons wealth through inflationCrypto Regulations In Mexico 2024^[3].

Mexico’s growing crypto adoption provides context for Salinas’ influence. The country ranks 16th globally in crypto transaction volume and has seen a 18% year-on-year increase in adoption. While regulatory frameworks remain cautious, with the Bank of Mexico (Banxico) advocating a “healthy distance” between traditional finance and virtual assets, the rise of local exchanges like Bitso has facilitated broader access to crypto services. Salinas’ advocacy aligns with this trend, as his calls for Bitcoin adoption resonate with a population increasingly seeking alternatives to the peso’s volatility and the costs of remittances.

Salinas’ stance reflects a broader shift in Latin America, where Bitcoin is gaining traction as a store of value and medium of exchange. His emphasis on Bitcoin’s role in preserving wealth against inflationary policies mirrors similar sentiments among crypto proponents globally. However, his warnings against fiat and real estate investments highlight the risks of centralized systems and the need for financial autonomy in an era of economic uncertainty.