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Mexico’s Second-Richest Man Reveals Reason for Investing $1,000,000,000 in Bitcoin (BTC)

Tobi Loba November 18, 2020 3 min read
Mexico’s Second-Richest Man Reveals Reason for Investing $1,000,000,000 in Bitcoin (BTC)

Ricardo Salinas Pliego

Ricardo Salinas Pliego, the second-richest man in Mexico is the latest on the list of Billionaires across the world, who have joined the Bitcoin (BTC) bandwagon.


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According to his recent tweet, Pliego has invested 10% of his net worth in the booming digital asset and also urged his teeming followers to buy a Bitcoin-focused book, for them to understand how it works in the world of cryptocurrency.

Pliego is the founder of Grupo Salinas, a company founded in 2001 with interests in consumer electronics, sports, and television networks. As reported by Forbes earlier this year, he’s currently worth $11.7 billion. However, in a separate tweet shared a few hours ago, Pliego said he’s worth $13.8 billion.

Considering his net worth, it can simply be deduced that he currently has about $1 billion investment in the first and largest cryptocurrency, Bitcoin (BTC).

Read Also: Elon Musk Just Dropped another Bitcoin (BTC) Bomb

Nevertheless, Pliego did not ask his followers to blindly believe and invest in BTC, but he recommended a Bitcoin-focused book to help them in their decision-making.

On 18th November, he shared this with his teeming followers on Twitter, “Today I recommend THE BITCOIN PATTERN, this book is the best and most important to understand Bitcoin. Bitcoin protects the citizen from government expropriation. Many people ask me if I have bitcoins, YES. I have 10% of my liquid portfolio invested…”

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.

Pliego tweeted, “To start with Bitcoin, I share a video taken in a Latin country where banks throw money away (paper money is worth nothing) that is why it is always good to diversify our investment portfolio.”

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! 🤦🏻‍♂️ pic.twitter.com/ahblQW6AhO

— Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020

Meanwhile, Bitcoin (BTC) continues to experience a surge in price. BTC managed to test above $18,000 resistance before a slight retracement.

Read Also: $1 Billion Worth of Bitcoin (BTC) Transaction That Caught the Attention of Thousands of Investors

Over the last week, Bitcoin has managed a relatively 16% upsurge according to CoinMarketCap. At the time of filing this report, BTC is trading at $17,998.26, with a relatively 8% price uptrend in the last 24 hours.

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