Investment in Bitcoin Accounts for 10% of Liquid Portfolio Of Mexico’s Second-Richest Person

Ricardo Salinas Pliego, the second richest man in Mexico, has disclosed that 10% of his “liquid portfolio” is made up of Bitcoin (BTC). The billionaire posted a video taken in a “Latin country” portraying banks dumping garbage bags stuffed with paper money.

He emphasized that “paper money is worth nothing,” further stating “That is why it is always good to diversify our investment portfolio.”

The video display throwing out of Venezuelan bolivars, including 10,000 bolivar notes disbursed in 2016 and 2017, before the government redenominated the bank notes two years back against the backdrop of rising inflationary pressure.

After three hours, Pliego suggested reading a book titled “The Bitcoin Pattern,” via a tweet, emphasizing that “Bitcoin protects the citizen from government expropriation” and disclosing his crypto investment:

As per Google translation, the tweet stated:

“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.”

Crypto community on Twitter responded cheerfully to the news stating that Bitcoin is one of the preferred investment assets for the world 166th-richest person. Kraken’s Dan Held further opined that, “The institutional herd is stampeding.”

Pliego answered to Held, stating that institutional adoption is increase slowly since the roll out of Grayscale’s Bitcoin Investment Trust in 2016. The billionaire also stated that the rest of the 90% of portfolio is made up of precious metal mining stocks.

The founder and Chairman of Grupo Salinas, Pliego, was born in 1955 in Mexico City. He runs multiple businesses spread across telecom, media, retail and finance. Salinas also chairs TV Azteca, the second largest Mexican media firm and the second biggest producer of Spanish content provider across the globe.