Mexican billionaire Ricardo Salinas Pliego simply declared 10% of his portfolio is now tied up in bitcoin.Introduced in a tweet on Wednesday, Mexic
Mexican billionaire Ricardo Salinas Pliego simply declared 10% of his portfolio is now tied up in bitcoin.
Introduced in a tweet on Wednesday, Mexico’s second-wealthiest man responded to questions that “many individuals” ask him about bitcoin, saying: “YES. I’ve 10% of my liquid portfolio invested.”
“Bitcoin protects the citizen from authorities expropriation,” Pliego added as he beneficial “El Patron Bitcoin” – a e book that’s “one of the best and most vital to know #Bitcoin.”
The opposite 90% of Pliego’s investments are tied up “in valuable metals miners,” the billionaire defined in a reply to Dan Held, the Kraken crypto trade’s development lead.
Latin American international locations, specifically Venezuela, have been tormented by hyperinflation lately resulting in a scenario paying homage to Germany’s 1920’s hyperinflation within the Weimar Republic.
Buyers trying to defend themselves from “authorities expropriation” and inflation have traditionally turned to different belongings like gold to hedge in opposition to fiat forex devaluation. Now bitcoin appears to be like to be more and more discovering a spot a digital different.
Hours earlier than posting his bitcoin tweet, the Mexican billionaire had posted one other tweet decrying government-issued fiat as being “value nothing” and noting that it’s all the time “good to diversify” ones investments.
Pliego is the founder and chairman of Grupo Salinas, a group of firms with stakes in telecommunications, media, monetary companies, and retail shops, per Wikipedia.