Ricardo Salinas’ BTC Masterclass, Part 2: Sound Money System + Keiser & Herbert

As Mexican billionaire Ricardo Salinas continues to explain bitcoin from the private jet perspective, Bitcoinist’s companion piece to the interview continues the job we started here. Or, it might even have been here. This time, Salinas and journalists and podcasters Max Keiser and Stacy Herbert go even further into the bitcoin rabbit hole. From here, there’s no turning back.

In this second part, Herbert gives Salinas full credit as the person responsible for bringing bitcoin into Mexico. They also talk about the possibility that billionaires could be interested in the betterment of humanity. About Florence and the Medicis. About the beauty of accounting, that, among other things, “enables the citizens to hold the king accountable.” They also discuss the value of private and public companies and mention that economies hit by the current system are the ones that adopt bitcoin first. 

That, plus even more bitcoin. Check it out:

Ricardo Salinas On The Importance Of a Sound Money System

For the free market to do its thing, the world has to be at peace.”War is completely the opposite of trade,” Salinas said. “The huge wars were based on the fiat fraud,” Salinas accused. “The monetary system is like the foundation of this civilization that you bring, that you construct on top of. If the foundation is wrong, the construction is going to fall off (…) That is why a sound money system is so important,” Salinas explained. 

How do we get to the truth, though? Proper accounting techniques. “I’m saying accounting is very important to be able to keep you honest and to get to the truth,” he said, for then to accuse, “the current day governments in Mexico and the U.S, they don’t use accounting. They have this in an out flow (…) It’s disgusting.”

Then, Stacy Herbert lightens the mood. “Bitcoin is f*ck you money. I mean, the President of El Salvador has said that just recently in a tweet (…) And that is the new modern way of freedom for everybody on the individual level.” After hearing that Hugo, Ricardo Salina’s son, compares their trip to El Salvador with going to Galt’s Gulch in Ayn Rand’s “Atlas Shrugged.”

“You don’t change bitcoin; bitcoin changes you,” says Stacy Herbert giving Max Keiser full credit for the classic phrase. How did bitcoin change Salinas’ perspective? “It’s given me a lot more confidence in my ability to survive.” And, what about his son? “I think Bitcoin is like the greatest innovation that we’ve seen so far and it fixes this corrupt system,” Hugo says.

BTC price chart for 05/06/2022 on Eightcap | Source: BTC/USD on TradingView.com

The Michael Saylor Effect

Salinas describes MicroStrategy’s bitcoin policy and Michael Saylor’s courageous bet as: 

“…He owes money, he borrowed money to buy Bitcoin. He borrowed fiat to buy Bitcoin. So, he’s short fiat, long-term bonds had a low rate. Which, by the way, I think it’s a very good idea anyway (…) Now, the other part is taking all the money and investing it in bitcoin (…) I’m a pretty aggressive investor, I mean I’m not scared of practically anything but this concentration of a bet in the single asset that’s too much for me. (…) If it pays off, and I think it will, he’s going to blow it through the roof, but it’s a big risk.”

The journalists question the billionaire about envy and Salinas answers, “envy is a really bad sentiment. It leads to absolutely no good, and it affects you personally more than the other guy.” With that, Stacy Herbert agrees and adds, “You can only live your own best life. You do you and that’s it.” Showing he’s a true Bitcoiner, Ricardo Salinas doesn’t say how much bitcoin he has. “Is not a good policy to talk about how much you have in general. Second, it’s a security risk. Third, what’s the point?”

Ricardo Salinas Answers A Burning Question

Max Keiser brings the conversation back to Michel Saylor, who he contends is launching a speculative attack on the US dollar with MicroStrategy’s bitcoin play. Relating it to that, Keiser launches the most important question of the whole interview. “He also says that in his view in the future, that bitcoin will be the world reserve asset, and that the U.S dollar will remain the world reserve currency (…) What do you respond to that?”

Ricardo Salinas doesn’t disappoint, “I agree that (…) Bitcoin’s on the way to being a world reserve asset, I 100% agree. I’m not sure that the dollar is going to make it (…) Now especially, that the U.S has weaponized the dollar to further its imperial purposes. Why would a self-respecting big country like Russia or China, why would they accept that as a reserve currency? Clearly it has a lot of downsides.”

Plus, fiat money is slowly dying and we all can see the signs around us. Is that what’s happening? Tomorrow, in the concluding chapter of this series, Keiser raises another possibility and Ricardo Salinas responds. Don’t miss it.

Featured Image: Ricardo Salinas, screenshot from the video | Charts by TradingView