Mexico’s Second Richest Man Has 10% of Liquid Assets in Bitcoin
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Mexico’s Second Richest Man Has 10% of Liquid Assets in Bitcoin

November 18, 2020      Jafrin Ahmed

Mexico’s second richest man, Ricardo Salinas Pliego has revealed that 10% of his liquid assets are in Bitcoin. The Mexican billionaire has also revealed that his other 90% of investments are in precious metals miners. Pliego is the 166th richest man in the world.

Ricardo Salinas Pliego’s 10% of Liquid Assets are in Bitcoin

On Nov. 18 Pliego responded to questions from people in a series of tweets saying:

“YES. I have 10% of my liquid portfolio invested. Bitcoin protects the citizen from government expropriation.”

Pliego also shared a video documenting a Latin country that shows banks throwing out garbage bags filled with paper banknotes into a dumpster.

The video shows Venezuelan banknotes being thrown out issued in 2016 and 2017 before the country redenominated its banknotes in the year 2018, amid an inflation crisis.

Pliego asserts that paper money is worth nothing while emphasizing that everyone should diversify their investment portfolio.

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He even recommended the book “El Patron Bitcoin” to understand and know more about the cryptocurrency.

According to translation, the tweet stated:

“Today I recommend THE BITCOIN PATTERN, this book is the best and most important to understand #Bitcoin. Bitcoin protects the citizens from government expropriation. Many people ask me if I have bitcoins, YES. I have 10% of my liquid portfolio invested.”

Latin American countries particularly Venezuela have suffered hyperinflation in recent times. Experts even speculate that the current hyper-inflationary situation in the country is similar to that of Germany’s 1920 hyperinflation in the Weimar Republic.

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Bitcoins as Safe Haven Against Fiat Currency Devaluation

Moreover, investors look towards alternative systems like gold to hedge against the devaluation of the fiat currency. In recent times, investors are flocking towards Bitcoin as the newer alternative protection against fiat currency alternative.

Pliego is the founder and chairman of Grupo Salinas, a company with multi holdings in telecommunications, media, financial services, and retail stores.

Salinas is also the chairman of TV Azteca, the second-largest producer of Spanish-language programming worldwide. It is also the second-largest media company in Mexico.

#10% of liquid assets #bitcoin #btc #Ricardo Salinas Pliego
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Being a HODLer she takes a keen interest in following the volatile Bitcoin charts. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.