Mexican Billionaire Invests 10% of Net Worth in Bitcoin
2 min read
Mexico’s second-richest man Ricardo Salinas Pliego is the latest billionaire to jump on the Bitcoin promise. In a tweet today, he revealed holding 10% of his net worth in the asset and urged followers to purchase a Bitcoin-focused book.
Pliego is the founder of Grupo Salinas, a 2001-founded company with interests in consumer electronics, sports, and television networks. He is worth $11.7 billion as per a Forbes report from earlier this year (however, Pliego said he is worth $13.8 billion in a separate tweet today).
That pegs his Bitcoin holdings at approximately $1 billion. But Pliego’s not asking people to blindly jump in the asset class without basic education about what it does and how is it better than the current financial regime.
“Today I recommend THE BITCOIN STANDARD, this book is the best and most important to understand #Bitcoin. Bitcoin protects the citizen from government expropriation,” he said in a tweet.
Hoy les recomiendo EL PATRÓN BITCOIN, este libro es el mejor y más importante para entender #Bitcoin.
El Bitcoin protege al ciudadano de la expropiación gubernamental.
Muchas personas me preguntan si tengo bitcoins, SÍ. Tengo el 10% de mi portafolio líquido invertido en el
pic.twitter.com/6LtFVCXvuA
— Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020
The sentiment is similar to the one increasingly voiced by prominent investors and technology companies around the world—that of holding Bitcoin as a hedge against the incessant money printing (to artificially save the economy) and rising inflation in the coming years.
Such concerns are not overstated. Countries like Venezuela, Zimbabwe, and a few others are currently suffering from rampant inflation and the absolute devaluation of their fiat currencies—which Pliego highlighted in a separate tweet earlier today.
Para iniciar con el #Bitcoin, les comparto un video tomado en un país latino donde los bancos tiran el dinero a la basura (el papel moneda no vale nada) es por eso que siempre es bueno diversificar nuestro portafolio de inversiones
Esto es la expropiación inflacionaria!
— Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020
Meanwhile, Bitcoin’s not stopping. The pioneer cryptocurrency crossed the $18,000 mark in the early hours today, a price last seen in January 2018.
