Mexico's third-richest man and a strong Bitcoin advocate, Ricardo Salinas Pliego says that gold is highly prone to manipulation, adding that the price of Bitcoin (CRYPTO: BTC) is not as easy to exploit.
It's easy to manipulate gold. Just think, the gold price is fixed in London… Look what happened with the London Metal Exchange with nickel the other month. I mean, the whole thing is a fraud across the board," he said.
Pliego also said, "Bitcoin doesn't have the gold problems. You don't have to carry it around. You don't have to store it around.
And most important, Pliego says it's tough to manipulate the price because there are so many places where you can trade Bitcoin 24 hours a day, all over the world. "Not like gold, right," he noted.
Pliego added that his family had stored value in gold for generations, but everything changed when he discovered Bitcoin.
"We thought that the solution to fiat was gold. And we were betting on that all the time. And it did help. In some moments, it helped a lot. But, gold has all these problems, and when I found out about Bitcoin, well now this changed everything because Bitcoin doesn't have the gold problems," he said.
During a recent conference, Pliego said that most of his liquid portfolio is in Bitcoin.
In 2020, Salinas had only 10% of his portfolio investment in Bitcoin, and now he has 60% of his liquid funds in the apex crypto currency.
Photo: Courtesy of sally anderson on flickr