Mexico’s second-richest man invests 10% of his liquid wealth in BTC

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Nov 18, 2020
  • Per Pliego, Bitcoin shields the general public against government expropriation.
  • Reportedly, the video captured the disposal of Venezuelan bolivars, including 10,000 bolivar notes.
  • Pliego believes the launch of Grayscale’s Bitcoin Trust lured institutions to join the crypto space.

The second wealthiest man in Mexico, Ricardo Salinas Pliego, has invested 10% of his liquid wealth in bitcoin (BTC). Pliego unveiled this news via a tweet on November 18, noting that paper money is worth nothing. He also shared a video captured in a Latin country, which showed banks disposing of garbage bags filled with money into a dumpster. Commenting on the video, Pliego noted that it shows the importance of diversifying investment portfolios.

Reportedly, the video appeared to show the disposal of Venezuelan Bolivars. Among the funds thrown out were 10,000 bolivar notes, which were issued in 2016 and 2017 before the country redenominated its banknotes the following year due to concerns of rising inflation.

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In a subsequent tweet, Pliego recommended that the general public read a book dubbed The Bitcoin Pattern, noting that it would help them understand Bitcoin better. He emphasized that Bitcoin protects citizens from government expropriation. Pliego went on to reveal that he had invested 10% of his liquid portfolio in the cryptocurrency.

The Twitter crypto community reacted joyfully to this news. Kraken’s Dan Held noted that the institutional herd is stampeding. Responding to Held, Pliego said that institutional adoption has been noticeable since the launch of Grayscale’s Bitcoin Investment Trust. He added that 90% of his wealth is invested in precious metals miners.

This news comes as BTC continues approaching its all-time high. At the time of writing, the coin is trading at £13,597.6 after surging more than 8% over the past 24 hours.

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