The 166° and second richest businessman in the world in Mexico, Ricardo Salinas Pliego, revealed that he has invested 10% of his liquid portfolio in Bitcoin.
“Many people ask me if I have bitcoins, YES. I have invested 10% of my liquid portfolio ”.
Salinas Pliego shared a video which shows banks dumping huge amounts of paper money into garbage bags in a Latin country to represent how useless government-issued paper money has become.
“To start with #Bitcoin, I share a video made in a Latin country where banks throw money away (paper money is worth nothing) so it is always good to diversify our investment portfolio. This is an inflationary expropriation ”.
The video specifically notes Venezuela's state of hyperinflation, with bankers discarding bolivars in the country's official currency issued in 2016 and 2017. Venezuela later introduced the Sovereign Bolivar (sovereign bolivar, BS) in August 2018. Currently, Bs 685,000 are equivalent to 1 US dollar.
With a net worth of $ 11.7 billion, Salinas Pliego is the only Mexican billionaire to have benefited from the coronavirus-induced economic crisis attributed to his family's 75% stake in the home appliance retail and loan businesses.
Salinas: Bitcoin protects citizens from government expropriation
The billionaire recommended the Bitcoin Pattern as the best book for investors to learn about Bitcoin and its importance in protecting their wealth from currency debasement.
“Today, I recommend THE BITCOIN PATTERN, this book is the best and most important to understand #Bitcoin. Bitcoin protects citizens from government expropriation. "
Expropriation occurs when governments claim private property against the wishes of the owners, for the good of the public. In countries like Turkey, high inflation has previously led citizens to vigorously claim personal wealth stored in banks.
As expected, the news sparked a reaction from Crypto Twitter, with Bitso, a Mexico-based cryptocurrency exchange offering to help the billionaire with the most crypto investments.
Pliego also recognized the role that Grayscale has played in the cryptocurrency market for institutional investors interested in Bitcoin. The said that Bitcoin Grayscale Trust Fund that started in 2016, has gradually contributed to the growth of the cryptocurrency market.
The billionaire claimed that the remaining 90% of his wealth is invested in precious metals. Bitcoin investor Pierre Rochard He suggested to the billionaire who considered more investments in Bitcoin.
"BTC will outperform precious metal miners for the next 10 years."
Pliego also chairs TC Azteca, which is the second largest media company in Mexico and the world's second largest producer of Spanish-language programming.