Mexico’s second richest man invests 10% of liquid portfolio in Bitcoin

Mexican billionaire Ricardo Salinas Pliego invests in Bitcoin. He says it protects the citizens from government expropriation.

By · Nov 21, 2020 . 6min read

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Ricardo Salinas Pliego, Mexico’s second-richest man, is the latest billionaire to invest in Bitcoin. Today, in a tweet, he unveiled holding 10% of his liquid portfolio in the asset and asked followers to buy a Bitcoin-focused book. Ricardo Salinas Pliego is the founder of Grupo Salinas. It is a 2001-founded company with investments in consumer electronics, sports, and television networks. 

Ricardo Salinas Pliego emphasizes that it is always suitable to expand one’s investment portfolio. Pliego also tweeted and promoted the book “The Bitcoin Pattern,” highlighting that Bitcoin could protect citizens from “government expropriation.” He then exposed that 10% of his liquid portfolio is now in Bitcoin (BTC).

Ricardo Salinas Pliego first purchased Bitcoin 4 years ago.

He further clarified that 10% invested was relating to his liquid portfolio and not his net worth. Pliego appended that he has put 90% of his liquid portfolio in precious metal miners. But, Salinas didn’t reveal the number of his bitcoin holdings. However, he said that he first purchased bitcoin four years ago via digital currency asset manager Grayscale. However, Pliego doesn’t prescribe the public to instinctively jump in the asset class without basic knowledge about what it does and how it’s more useful than the popular financial regime.

The view is related to the one frequently prescribed by significant investors and technology companies across the globe—that of keeping Bitcoin as a hedge upon the perpetual money printing. However, nations such as Venezuela, Zimbabwe, and a few others are recently experiencing excessive inflation. They are also facing the absolute devaluation of their fiat currencies—which Pliego emphasized in a separate tweet earlier today.

However, Salinas is not the only billionaire that has lately awarded bitcoin more weight. Various rich people recently disclosed their assets in Bitcoin. It includes Billionaire investor Stanley Druckenmiller, Billionaire Philanthropist Bill Pulte, DoubleLine Capital’s Jeffrey Gundlach, and Billionaire hedge fund manager Paul Tudor Jones. Additional notable digital asset purchasers are crypto wallet Jaxx founder Anthony Di. It also includes Ripple co-founder Chris Larsen and blockchain startup co-founder Bloq Matthew Roszak.

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