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Ricardo Salinas Pliego claims Bitcoin to be modern gold

Bitcoin

TL;DR Breakdown

  • The Mexican billionaire compares gold and the giant virtual asset (BTC).
  • A good number of people think that Bitcoin is likely to replace traditional gold.
  • The supply of the largest digital asset is fixed to 21 million (BTC).

In 2020 Bitcoin (BTC) witnessed several Highs. Following this impressive performance, people considered the virtual asset as modern-day gold. A good number of people think that Bitcoin is likely to replace traditional gold. On Monday, a Mexican billionaire said he would be adding the largest digital asset in his portfolio. Ricardo said the limited issuance of Bitcoin is what attracted him to the asset.

Billionaires continue to show interest in Bitcoin

Ricardo Salinas, the third richest person in Mexico, was interviewed by the director of blockchain land. During the interview, the billionaire claimed that Bitcoin is a financial asset. Ricardo Salinas could not hide his love for the giant asset, and he disclosed that he would add the asset to his digital portfolio. The entrepreneur laid down advantages provided by the emerging digital currency class; he added that the digital asset seems to be the modern-day gold.

Ricardo said it is not crucial whether Bitcoin is a coin or not. According to the largest digital asset is an asset with extraordinary properties. He went on to state the properties, divisibility, easy transactions, and it is simple to store without counterparty risk.

Gold is precious though not a currency

The Mexican billionaire compares gold and the giant virtual asset (BTC). He said even if gold is the most valued metal, it’s not a currency. He explained by saying no one will go to purchase a computer using gold metal. Instead, he/she will have to convert gold into fiat money in order to purchase the computer. Contrary to that, BTC is a valued asset, and it is traded with liquidity worldwide.

Scarcity is the key to an asset’s value

Ricardo said the key reason he embraces the largest virtual asset is that it is scarce. The supply of the largest digital asset is fixed to 21 million (BTC). Meaning only 21 million coins can be mined. Eighteen million Bitcoins have already been mined, and only three million coins are yet to be mined.

Moses Kimathi

Moses Kimathi

Nothing else motivates Moses than crypto. He loves writing and following closely events on the king of crypto. In five years time, he is looking forward to riding the crest of Cryptopolitan as the go-to site for critical thinkers and influencers.

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