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You are here: Home / News / Bitcoin News / Mexico’s Billionaire Declares His Investment in Bitcoin
Mexico’s Billionaire Declares His Investment in Bitcoin

Mexico’s Billionaire Declares His Investment in Bitcoin

November 18, 2020 by Chayanika Deka

Everyone wants to know where billionaires park their money. For many, Bitcoin has now become a favorite asset.

Adding to this trend, Ricardo Salinas Pliego, the Head of Grupo Salinas and Latin America’s seventh-richest man claimed that he has 10% of his “liquid portfolio” invested in Bitcoin. Notably, he also happens to be Mexico’s second richest man and is the latest billionaire to declare his admiration for the cryptocurrency that was currently inching closer to its all-time high at a pace never seen before.

While revealing about his investment, the billionaire also recommended prospective investors to read “The Bitcoin Standard,” the award-winning book by Bitcoin educator, Saifedean Ammous.

Hoy les recomiendo EL PATRÓN BITCOIN, este libro es el mejor y más importante para entender #Bitcoin.

El Bitcoin protege al ciudadano de la expropiación gubernamental.

Muchas personas me preguntan si tengo bitcoins, SÍ. Tengo el 10% de mi portafolio líquido invertido en el 😌💵 pic.twitter.com/6LtFVCXvuA

— Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020

Pliego also went on to share a video which depicted banks in a Latin American country throwing out garbage bags filled with paper money and stated that “paper money is worth nothing asserting that diversifying investment portfolio is a good option.

Bitcoin Billionaires Club

9 Billionaires who own #Bitcoin + estimated net worth:

– Mark Cuban ($4.3bn)
– Elon Musk ($40bn)
– Paul Tudor Jones ($5.1bn)
– Brian Armstrong ($1.3bn)
– Jack Dorsey ($4.7bn)
– Changpeng Zhao ($2.6bn)
– Winkelvoss twins ($1.8bn)
– Tim Draper ($1bn)
– Chamat Palihapitiya ($1bn)

— Crypto Rand (@crypto_rand) November 10, 2020

In recent months, billionaires have been increasingly accumulating the world’s largest cryptocurrency. Not long ago, the hedge fund manager Stanley Druckenmiller became the latest billionaire to publicly disclose his Bitcoin investment. The American billionaire had previously stated,

“Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money and, as you know, they got a lot of it. It’s been around for 13 years and with each passing day it picks up more of its stabilization as a brand.”

Putting all the eggs in one basket could be dangerous and expose the investor/trader to a high level of risk. One of the main reasons why Bitcoin has become compelling to high-net-worth investors is the fact that the cryptocurrency is being viewed as a potential portfolio diversifier, inflation hedge, gold alternative, and large risk-reward potential by several industry experts.

Bitcoin has affected the global monetary system tremendously. In a recent study, it was found that Bitcoin does act as a strong hedge for investors in most of the developing markets. However, it is only an effective diversifier for investors in developed markets, regional indices, and commodities.

It was also found the cryptocurrency is a strong safe haven for only a few national equity indices, regional indices, and commodities. On considering the three extremely uncertain periods, the researchers concluded that Bitcoin is either a strong or a weak safe haven for most of the countries and further suggested that Bitcoin is highly suitable as a safe haven asset in certain periods of high uncertainty.

Filed Under: Bitcoin News, News Tagged With: mexico

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