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World's 106th richest man invests 10% of his liquid assets in Bitcoin

Mexican billionaire Ricardo Salinas Pliego is also a Bitcoin investor

Image by Ricardo Goncalves from Pixabay

Wed, 18 Nov 2020, 18:03 pm UTC

Cryptocurrency has finally gained acceptance among the world’s financial elites. Aside from the entry of institutional, even some billionaires are already investing a sizable portion of their wealth into popular digital currencies such as Bitcoin.

Mexico’s second-wealthiest man, Ricardo Salinas Pliego, recently revealed that he isn’t averse to cryptocurrency and has investments in Bitcoin. Perhaps what’s even more surprising is that Pliego invested 10 percent of his liquid assets in BTC, according to Coindesk.

The billionaire revealed his investment in the cryptocurrency via a Twitter post. Pliego also suggested to his followers to read a book titled “El Patron Bitcoin,” which has helped him better understand the digital asset.

“Today I recommend ‘THE BITCOIN PATTERN,’ this book is the best and most important to understand Bitcoin,” Pliego said in his tweet, as translated by Google, Cointelegraph reported. “Bitcoin protects the citizen from government expropriation. Many people ask me if I have Bitcoins, YES. I have 10% of my liquid portfolio invested.”

The billionaire earlier shared a video showing scenes supposedly taken from a “Latin country” showing banks throwing away garbage bags filled with paper money. The cash in the video appears to be 10,000 Venezuelan bolivar notes issued in 2016 and 2017. Due to its hyperinflation, Venezuela redenominated its banknotes in 2018.

“That is why it is always good to diversify our investment portfolio,” Pliego said. He also noted that “paper money is worth nothing.”

Aside from Bitcoin, Pliego also revealed where he placed the rest of his liquid portfolio investments. According to the billionaire, the remaining 90 percent is in “precious metals miners.”

Pliego is the founder and chairman of Grupo Salinas, a conglomerate headquartered in Mexico City with interests in media, finance, retail, and telecommunications. His net worth is estimated to be $11.7 and is the 106th richest person on the Forbes World’s Billionaires List.

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