Mexican Billionaire Converts 10% of His Portfolio into Bitcoin
Institutional investors who bought Bitcoin in 2020 have enjoyed significant benefits, as the price of the cryptocurrency is on the rise. However, there are also some early Bitcoin believers who have continued to pump money into the asset, as they hope to make additional gains from it. A Mexican industrialist and business magnate, Ricardo Salinas Pliego, also came out to double down on his support for the asset amidst the recent price rally of the asset. Having a net worth of around $11.8 billion, the business is the second-richest man in Mexico and the 166th wealthiest man in the world. He showed his support for Bitcoin in a tweet and advised his followers to dump cash in the asset’s favor.
He exhibited his support by sharing a video of banks throwing cash in dumpsters. Pliego asserted that cash is worthless and added that people would have to diversify into digital assets rather quickly. His caption said that he was recommending a book called The Bitcoin Pattern, which is the best way to understand the leading cryptocurrency. He went on to say that citizens could remain safe from government expropriation with Bitcoin. Pliego said that a lot of people asked him if he had invested in Bitcoin and he had. 10% of his liquid portfolio is dedicated to Bitcoin.
In response to Dan Held from Kraken, Pliego disclosed that the remaining 90% of his portfolio was dedicated to precious metals. It appears that the billionaire is done with cash and has joined the list of institutional investors who wish to seek the safety of digital assets. This stance by the business is certainly not a new concept. For a while, many people have called cash’s efficacy into question, but this skepticism seems to have intensified this year. Earlier this year, founder of Bridgewater Associates and fellow billionaire, Ray Dalio said that investors needed to diversify their portfolio.
The hedge fund billionaire spoke at the World Economic Forum and used the term ‘trash’ to refer to cash, explaining that it was losing its allure with each passing day. However, he hadn’t supported Bitcoin either and said that it hadn’t proven itself to be a reliable currency. This is certainly not the first foray Pliego has made in the Bitcoin market. In 2016, he was exposed to the leading cryptocurrency, as he bought units of the Bitcoin Trust of Grayscale Investments, when the asset had been trading at a price of just $800.
Depending on how much he had bought, it is safe to say that the Mexican businessman has already earned sizable returns. It is undoubtedly a great time for early Bitcoin investors. The first half of 2020 might have been a dull one for the asset, but in the last quarter of this year, the crypto has been on a tear and is on its way to recording the same highs it had reached in December 2017. Bitcoin is on track to ending the year above the $20,000 mark, if it doesn’t slow down.
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