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Mexico’s Second Richest Man Keeps 10% of His Liquid Assets in Bitcoin

UTC by James Lovett · 3 min read
Mexico’s Second Richest Man Keeps 10% of His Liquid Assets in Bitcoin
Photo: Ricardo B. Salinas Pliego

Pliego clarified that his investment is worth $13.8 billion. Gauging from his investment projections, he is holding Bitcoin valued at almost $1 billion.

Mexican billionaire Salinas Pliego is the latest uber-rich person to reveal his assets in Bitcoin. Bloomberg’s Billionaire Index recently ranked Ricardo, whose net worth is more than $11.8 billion, as the 166th wealthiest person.

Mexico’s second-wealthiest man responded in a tweet to questions about 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.”

https://twitter.com/RicardoBSalinas/status/1328850136290775041?s=20

The billionaire also told the Kraken crypto exchange’s growth lead Dan Held that the other 90% of his investments are tied up “in precious metals miners.”

After revealing his bitcoin holdings, the billionaire requested people not to blindly jump into investing in a particular asset class without knowing about the crypto and how it is a much better investment than the current financial opportunities. Pliego continued to recommend that prospective investors in cryptocurrency need to read Bitcoin educator Saifedean Ammous’ award-winning book dubbed “The Bitcoin Standard” to gain more insights.

Bitcoin Hedges Inflation

In recent years, hyperinflation has plagued Latin American countries, especially Venezuela, and other developing countries, like Zimbabwe, resulting in an absolute devaluation of their fiat currencies reminiscent of Germany’s 1920’s hyperinflation. Due to that fact, many prominent investors and technology companies worldwide are increasingly campaigning for holding Bitcoin as a hedge against the incessant money printing, thereby curbing future rising inflation.

Hours before the bitcoin tweet, the Mexican billionaire Salinas Pliego shared a video about ‘a Latin country’ that depicts banks throwing out paper money-filled garbage bags into a dumpster. He continued to assert in the video that ‘paper money is worth nothing’ due to its ‘inflationary expropriation.’ As he cited Bitcoin, Salinas Pliego emphasized that people need to diversify their investment portfolio in order to mitigate such a situation. In the video, bags being thrown out contain Venezuelan bolivars, including 10,000 bolivar notes issued in 2016 and 2017 prior to the 2018 redenomination of the country’s banknotes after an inflation crisis upsurge.

Other Billionaires Revealed Their Crypto Fortunes

Pliego, born in 1955 in Mexico City, is the founder and chairman of a 2001-launched company Grupo Salinas, which has interests in consumer electronics, television networks, finance, and sports. The billionaire also chairs TV Azteca, Mexico’s second-largest media company that is the world’s second-largest producer of Spanish-language programs.

Forbes had earlier this year reported that he was worth $11.7 billion, however, in another tweet today, Pliego clarified that his investment is worth $13.8 billion. Gauging from his investment projections and assets that he owns, Pliego is holding Bitcoin valued at almost $1 billion.

Salinas isn’t the only billionaire that has recently given bitcoin more weight. He just put his name in an illustrious list that already had other popular richest people in bitcoin and cryptocurrency. Other rich people who recently disclosed their assets in Bitcoin include Billionaire Philanthropist Bill Pulte, Billionaire investor Stanley Druckenmiller, DoubleLine Capital’s Jeffrey Gundlach, and Billionaire hedge fund manager Paul Tudor Jones.

Other notable digital asset owners are Ripple co-founder Chris Larsen, ethereum-based cryptocurrency wallet Jaxx founder Anthony Di and blockchain startup co-founder Bloq Matthew Roszak, whose crypto fortune are worth 5.2 billion, $750 million to $1 billion, and $900 million to $1 billion respectively.

Ricardo Salinas’s latest revelations concerning Bitcoin comes at a time when the most popular cryptocurrency is on an uptick trend –similar to the one seen in 2017. At the time of writing, BTC had crossed the $18k mark severally, and it is currently at a price of $18,161 with a market cap of nearly $328 billion.

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James Lovett

James Lovett is a talented crypto enthusiast who finds pleasure in sharing more knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. He likes to keep himself furnished and updated with the latest innovation in the crypto industry, blockchain technology, Internet of Things (IoT) and other technologies. As a result, he tries to furnish ardent crypto supporters with the latest news on blockchain and distributed-ledger technologies. Indeed, Blockchain and Cryptocurrency is changing the world as we know “one block at a time”. As a hobby, he also trades in small amounts of cryptos every now and then. An author with experience writing for tech, digital, and cryptocurrency blogs!

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