(Kitco News) - Mexican billionaire Ricardo Salinas says the fiat money system is collapsing under the weight of its own contradictions, and that Bitcoin and gold remain the only lifelines for savers and investors.
“Fiat money is a fraud,” Salinas said in a new interview with Kitco News. “It’s a scam. It’s fake money. And it’s coming to an end.”
Salinas, chairman of Grupo Salinas and one of Latin America’s wealthiest Bitcoin holders, warned that current government monetary policies - particularly in the U.S. and Mexico - are pushing global economies toward financial repression and stealth confiscation through inflation.
“In the United States, they have a spending problem,” he said. “They spend money they don’t have, and then they print the difference. It’s going to end badly - not only for Americans, but for everyone who holds dollars.”
His comments come as markets digest a dramatic escalation in Middle East tensions. Gold is trading near record highs near $3,400 an ounce, while Bitcoin has rebounded to roughly $108,000 after an initial selloff on war headlines. Brent crude has pulled back to $71, and the U.S. Dollar Index has slipped to near 98.
Salinas said these moves are a sign of monetary dysfunction: “There’s no way out except destruction of the currency. And that’s what’s coming.”
Bitcoin and Gold: 'The Answer Is Hard Money'
Salinas dismissed concerns over Bitcoin volatility, calling it a distraction from the long-term thesis.
“The answer is hard money. There’s only two options. One is gold, and the other is Bitcoin. That’s it.”
He rejected criticism that Bitcoin has failed to act as a safe haven during geopolitical shocks, saying price fluctuations don’t change its core role as a monetary escape hatch.
“They say Bitcoin is risky. I say the risk is being in fiat,” he said.
Salinas, who controls Banco Azteca and TV Azteca, said Bitcoin is especially vital in Latin America, where decades of currency devaluation have destroyed savings.
“I went through hyperinflation. I saw it with my own eyes,” he said. “The money in your bank account becomes worthless. You need an exit door - and Bitcoin is that door.”
The Endgame: 'CBDCs Are the Perfect Tool for Tyranny'
Salinas also sounded the alarm on central bank digital currencies (CBDC), calling them “the most diabolical invention ever.”
“CBDCs are the wet dream of the collectivists,” he said. “They want to control you. They want to know everything you do with your money - and then they’ll decide what you’re allowed to do.”
He said CBDCs, combined with inflation and debt monetization, are a recipe for authoritarianism.
“That’s the plan: steal your money slowly through inflation, then track everything you do with digital money,” Salinas said. “It’s slavery.”
Gold Miners and Hard Assets: 'It’s Time to Get Real'
While Salinas favors Bitcoin, he said gold and mining stocks also offer protection - particularly in resource-rich jurisdictions like Mexico - if the political risk is managed.
“Gold is not going anywhere. It’s been money for 5,000 years,” he said. “I own gold. I own miners. The time to buy is when nobody wants them.”
He emphasized that miners, unlike Bitcoin, generate real cash flow.
“If you believe in hard assets, miners are part of the strategy,” Salinas said. “But you have to be selective. Politics matters. Permits matter. Safety matters.”
Final Warning: 'Don’t Trust the System'
Asked what advice he gives to ordinary savers, Salinas didn’t hold back.
“Don’t trust the system,” he said. “Don’t trust the government. Don’t trust fiat money. It’s all built on lies.”
Instead, he urged viewers to get educated, move capital into scarce assets, and prepare for what he calls “the end of the fiat dark age.”
“This is the beginning of a new era,” Salinas said. “And the faster you wake up, the better off you’ll be.”
Salinas’s new book, The Bitcoin Enlightenment: Ending the Fiat Dark Age, was released this month in partnership with The Saif House, the publishing group led by economist Saifedean Ammous. The book argues that Bitcoin is not just a technological innovation, but a moral imperative to restore monetary freedom.
Watch the full Kitco News interview with Ricardo Salinas