The second-richest man in Mexico, Ricardo Salinas Pliego, has announced that 10 percent of his “liquid portfolio” is invested in Bitcoin (BTC). The billionaire posted a video caught in “a Latin country” depicting banks dumping garbage bags into a dumpster filled with paper money. He asserted that “paper money is worth nothing,” adding: “That is why it is always good to diversify our investment portfolio.”
According to cointelegraph.com, The video shows the bags of Venezuelan bolivars being thrown out including 10,000 bolivar notes released in 2016 and 2017, before the country redenominated its banknotes in 2018 in the midst of an escalating inflation crisis. Pliego then tweeted a suggestion for the book The Bitcoin Standard, three hours later, saying that “Bitcoin protects the citizen from government expropriation” and announcing his investment in cryptocurrencies.
According to a translation provided by Google, the tweet states: “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 Twitter responded gleefully to the news that the world’s 166th richest person is deeply interested in Bitcoin, with Kraken’s Dan Kept declaring, “The Institutional Herd is Stampeding.” Pliego replied to Held by saying that institutional acceptance has been taking place steadily since the introduction of the Grayscale Bitcoin Investment Trust in 2016. The billionaire also noted that the remaining 90 per cent of his liquid portfolio is invested “in precious metal miners.”
He was born in Mexico City in 1955, Pliego is the founder and chairman of Grupo Salinas, which owns businesses in media, telecommunications, finance and retail.
Salinas is also the leader of TV Azteca, the second-largest producer of Spanish-language content worldwide, and the second-largest media company in Mexico.