The Wolf Of All Streets - Why 3rd Richest Man In Mexico Invests In Bitcoin And Plays Golf | Ricardo Salinas

Episode Date: April 28, 2022

We’re joined today by the third richest man in Mexico, Ricardo Salinas (@RicardoBSalinas), who shares his story on how Bitcoin helped him rise from the ashes of a devalued company and a family of gold bugs. We cover a lot in just 10 minutes, including what Ricardo does for fun, where Bitcoin is falling short, and the fiat fraudsters. THANK YOU TO OUR SPONSORS ►► Secure your assets, secure your future, with Arculus. Arculus is the crypto cold storage wallet that combines the world’s strongest security protocols with an easy-to-manage app. Store, swap, and send your crypto all with a simple tap of your Arculus Key™ card. Order the safer, simpler, smarter crypto cold storage solution today at https://amazon.com/arculus ►► Have you ever had your exchange go completely offline during days of high volatility? Of course you have. We've all been through it. Those days are no longer with Bullish. Bullish is a new breed of digital asset exchange that empowers users to trade with deep and predictable liquidity across highly variable market conditions. They also have incredible automated market-making and industry-leading security. I can't get enough of this platform and it's fully regulated. Sign up here: https://thewolfofallstreets.info/bullish/youtube EPISODE LINKS Ricardo Salinas: https://twitter.com/ricardobsalinas Production & Marketing Team: https://penname.co/ FOLLOW SCOTT MELKER • Twitter: https://twitter.com/scottmelker • Instagram: https://www.instagram.com/scottmelker • Facebook: https://www.facebook.com/wolfofallstreets • Web: https://www.thewolfofallstreets.io • Spotify: https://spoti.fi/30N5FDe • Apple Podcasts: https://apple.co/3FASB2c JOIN THE FREE WOLF DEN NEWSLETTER 📩 https://www.getrevue.co/profile/TheWolfDen

So gold has all these problems. And when I found out about Bitcoin, well, now this changes everything because Bitcoin doesn't have the gold problems. This episode is sponsored by Bullish and Arculus. Stay tuned for more information on both of these incredible companies later in the episode. There are a few events in your life that leave a lasting impact, and sometimes they can be only 10 minutes long. In this case, it was a conversation with Ricardo Salinas, one of Mexico's richest men who has 60% of his assets in Bitcoin

We sat down and talked about why he's such a believer why? Everybody should have their assets in Bitcoin the problems with the system and he was extremely Frank and aggressive about Politicians there's a conversation that you absolutely cannot miss What an honor to sit down with such a legend. Where'd you get the shoes? Uh-huh. I saw them advertised and I had my chief of staff go and get them for me. I think he got them through the internet somehow, but they're quite cool, aren't they?

Mayor Suarez is wearing the same ones. You said Max Keiser's gonna get you some orange ones? Yeah, well, the orange ones. But I have to say, these black ones are called Atoms. And they're so comfortable. They're so soft. You can just sort of like go in pajamas. They're really good shoes. I hope you're not mad when I copy you and get the same pair.

No, no, no. I think they're out of stock or something. But Max told me that he was going to give me some orange ones. So I don't know. I'm looking forward to that. So everyone talks to you about Bitcoin, but I want to know what you do for fun. I play golf. Is that really what you talks to you about Bitcoin, but I want to know what you do for fun. I play golf.

Is that really what you do? That's my distraction, my friend. I'm always on, working, thinking. The way to get distracted is to play golf in bed with my buddies. It's exactly the same thing that I do, even though I only started again recently. And you said, we were talking before off camera, you said, when do you have time to listen to podcasts? I'll actually put one on when I'm trying to play golf and I kind of get in the flow state. No, but that's a bad idea. When you're playing golf, you want to do this, kind of like a flow state? Think of something else. For me,

music works for my flow state. And I also like to walk. Oh, music, yeah. Yeah, and I also like to walk. Yeah, it really works well for me. So we do have to talk about Bitcoin, of course. So interestingly to me, obviously, Bitcoin was created as peer-to-peer cash. It was for the people. And then eventually institutions, billionaires, started talking about Bitcoin and started buying it. But you still are of the opinion that it's for everyone. Oh, absolutely. Absolutely. It's a fantastic system, you know, think of it. But you still are of the opinion that it's for everyone. Oh, absolutely. Absolutely. It's a fantastic system. Think of it. I mean, everything's been said, but I'm just going to repeat. You can transfer it electronically across the world at low cost. It's unseizable. It's not 100% private. I think that's the one

thing that could improve on Bitcoin is to make it 100% private. I think that's the one thing that could improve on Bitcoin, is to make it 100% private. That's the one thing I have I don't like. But other than that, I mean, it's just an amazing storage of value and transfer of value. So it's wonderful. But if it was 100% private, we'd have a lot more problem with the governments. Well that's it, you know. The goddamn government is always breathing down your neck. And these are the people who brought fiat fraud to all of us.

So let's not forget that they're the ones responsible for the pulverization of purchasing power of money across time. And they have no moral ground to tell us what to do or not. Glass half empty, obviously, and I agree. Is there a glass half full scenario where that's just the system that they were fed and they don't know better and they're just perpetuating it? I think you're being too good to these guys. I think they're actually evil deep down inside.

These people know exactly what the debasement of money means and what it causes, and they use it to their benefit. And it's not fun when an old pensioner doesn't have enough money to pay for food or health care because these fraudsters took away their savings purchasing power. And it's not fun when somebody gets on the street and is homeless because he didn't have the wherewithal to buy assets like a house, a car, or stocks. And all he had was his salary. He stopped making a salary. Now he's in trouble. It's really highly immoral, this debasement of money that the fiat fraudsters do.

It is. But for your average person who you're talking about who's living paycheck to paycheck, can't afford savings, can't afford anything. That's really bad news for these people because unless they're very young and they can aspire to a long period of earnings where their salary can get increased over time. It doesn't exist in a fiat system. You're never going to outpace the inflation even if you're getting a raise. GARRETT But these guys, they know what they're doing. They know that the way to get rid of all this debt is not paying the debt. They know they don't have enough money to pay the debt. ED HARRISON You don't have to.

GARRETT So they're going to liquidate. It's called the liquefaction. And the IMF knows it. They have a paper on that. How to get rid of debt when it's too much. You liquefy it through inflation. So instead of paying 100, you pay 2% less each year. And after a few years, you're down to nothing.

But instead of 2%, now if it's 10%, then it really makes a big difference. That's when the people start to notice. We all believe and know that cryptocurrencies are the future, but it's still very scary to be your own bank and have to secure your assets. Most of the traditional hardware wallets are hard to use, they're clunky, and people lose their private keys.

It's not really that efficient, and that's where the Arculus key card comes in. I absolutely love this thing. I've transitioned largely to using it for most of my assets it's literally just a card that you tap right on your mobile device you can send receive swap buy and sell crypto with that simple action it's literally amazing there's no cords there's no charging. There's no Bluetooth. The only person that has access to your crypto is you. You guys have got to try it. And guess what? You can buy it right on Amazon. Go buy your Arculus on Amazon now. Have you ever been trading crypto and during bouts of high volatility had

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Follow at Bullish on Twitter or visit Bullish.com slash Melker to learn more. Well, talk about the IMF. Obviously, they're pushing back against El Salvador. No surprise there. How about that? Well, you talk about the IMF, obviously they're pushing back against El Salvador, no surprise there. How about that? No, but the worst thing is these congressmen in the U.S. making these bills forcing the U.S. to investigate the potential consequences on the U.S. financial system of El Salvador's

Bitcoin adoption. I mean, what is this? That blew my mind. It was the most nonsensical headline I've seen in a long time, and that's saying a lot in the United States. I know, it's terrible. But what does that have to do with the United States? How can El Salvador's Bitcoinization possibly be a threat to the United States?

So much that our legislators have to talk about that instead of the myriad problems that we actually have in our country. Yeah. Well, you know, it's a whole system. And it's not just, I mean, I put some pictures there of the central bankers, but it's a whole religion. And there's lots of people involved in making and consuming this fraud. So a lot of people find Bitcoin and that leads them to the story that you're talking about, about fiat. Did you find Bitcoin first or was Bitcoin

the solution to a problem that you were already tracking for a long time? No, about fiat. Did you find Bitcoin first or was Bitcoin the solution to a problem that you were already tracking for a long time? No, no, no. I was tracking this problem for a long while because, as you know, I'm Mexican. So my grandfather saw his savings evaporate with the Mexican Revolution. My father saw his company,

where he worked for 30 years, go broke into Chapter 11 because of the devaluation and fiat debasement. And it was my job to take the company out of that and turn it into what it is today, a rather large empire. We employ 120,000 people. We operate in five countries. And it's a good company.

But that has been done after rising from the ashes of a macro devaluation. So in my family, both my father and my grandfather, we have always been gold bugs. And we thought that the solution to fiat was gold. It was. And we were sort of betting on that all the time. And it did help. In some moments, it helped a lot. But here's the deal.

Gold is very easy manipulated by the Fiat religion priests, you know. It's easy to manipulate gold. Just think, the gold price is fixed in London. I mean, Christ's sake. And look what happened with the London metal exchange with nickel the other month. I mean, the whole thing is a fraud across the board. So gold has all these problems. And when I found out about Bitcoin, well, now this changes everything because 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, it's very hard to not say impossible to manipulate

the price because there's so many places where you can trade it 24 hours a day all over the world. Not like gold, right? Yeah. I like to say that Bitcoin is the last free market. It is. It's amazing. You know, when you see it tick 24-7 in any country in the world, it's just really amazing. So shouldn't everything be held to that standard now? Shouldn't all stocks be traded 24-7? The funny thing is that Bitcoin will go down on a Saturday at 7 PM because people can't sell anything else.

Exactly. So I mean, that's why, though I'm a big fan of Bitcoin, I say no shitcoins and don't talk about crypto, talk about Bitcoin. I do think that the blockchain has this enormous potential, the blockchain technology. So if you could have some tokens of Apple stock or Electra stock or whatever stock, and then you can trade the tokens across the world, that would be great for the financial markets. I think that cryptocurrency is the most damaging terminology for the sector at this point because most of them are not currencies.

No, and that is a bad thing. When you say money or when you say currency or when you say coin, you're messing around with definitions and it creates a lot of confusion. You know, what is a currency? What is an asset? Anything can be an asset. I mean, this pot of plant can be an asset. You can sell it for one dollar or whatever. The sofa is an asset. The camera is an asset. Problem is, okay, that means I have shut up now. Aggressive way to tell us to stop, guys. So assets are anything that you can trade.

The thing is, some assets are really easy to trade for something else. And that's when gold and silver comes in. Then what is a currency? A currency is an asset because you can trade it. But it's issued by the government, sanctioned by the government, and it becomes legal tender when you're obligated to accept it, whether you like it or not, to extinguish debt. So that's why talking about currency and coins immediately confuses the situation because it's an asset that's forced upon people by fiat, by decree, which is the name of fiat. Well, I'd love to play golf with you sometime, but I would hate to slow you down.

Thank you so much. It's all right. Good luck, my friend, and good luck to your listeners out there. Guys, buy Bitcoin. Yeah. Thank you so much for listening to this episode. If you haven't already left a rating or a review on Apple Podcasts or Spotify, please do that now. Spotify just added ratings, so please go ahead and click that five star. I'll see you guys next time.