Bitcoin billionaires Ricardo B. Salinas and Orlando Bravo warned about the dangers of inflation in the US dollar at the Bitcoin 2022 conference in Miami.
“I have a great grudge against Fiat, I call it fiat fraud,” Salinas, owner of Banco Azteca bank in Mexico, said in a statement. Salinas told the story of how, as a young MBA graduate in Mexico in the 1980s, his salary fell from about $2,000 to $20 a month over a six-year period, describing it as hyperinflation.
Salinas, the third richest person in Mexico, said he invests 60% of his liquid portfolio in Bitcoin, or "Bitcoin stocks." Salinas' Bitcoin investment in 2020 was around 10%. Salinas added that bonds are a very bad investment vehicle.
Bravo, the co-founder of private equity firm Thoma Bravo, said that he has received calls from large pension and wealth funds that want to invest in Bitcoin.
Pointing to the 2 trillion dollars injected into the economy during the pandemic period, “You do not need to be an economist to predict the inflation experienced. You can use supply chains and geopolitical issues as an excuse, but it's clear that when you pump that much money into the economy, you're going to massively devalue that currency," he said.
Speaking at a panel at the Bitcoin conference, former Softbank operations manager Marcelo Claure said that 10% of his personal wealth is invested in crypto, adding, “We are starting to see Bitcoin as one of the safest ways to protect our wealth.”
Last year, Twitter CEO Jack Dorsey pointed to a global hyperinflation in the near future and said that Bitcoin would replace the dollar.