Mexico’s second-richest person Ricardo Salinas Pliego confirms that 10% of his liquid portfolio is invested in bitcoin. The billionaire says the top crypto protects the wealth of private citizens from getting expropriated. Pliego advises his followers that might want to follow his in footsteps to study and understand bitcoin. He also recommends one book, “The Bitcoin Standard,” as one ideal learning tool for learners.
A Case For Bitcoin in a Portfolio
With an estimated net worth of $11.9 billion, Pliego joins the growing list of millionaires, billionaires, and corporations that are now adding bitcoin to their investment portfolios. Meanwhile, in one of his tweets, the billionaire gives his perspective on what bitcoin can bring to an investment portfolio. He says:
To start with bitcoin, I share a video taken in a Latin country where banks throw away money (when the banknotes become worthless). He says that is why it is always good to diversify our investment portfolio. This is inflationary expropriation.
Pliego has not divulged the name of the Latin country whose worthless currency is shown in the video. However, many are certain that he is referring to hyperinflation hit Venezuela. The South American country’s currency, the bolivar is one of the worst-performing currencies this year. Already, some citizens of Venezuela now use bitcoin to shield their investments and savings from inflation.
Mixed Reaction to Pliego’s Tweets
Meanwhile, the reaction to Pliego’s remarks about bitcoin seems to be mixed with mainly bitcoiners applauding the tweets. Non-bitcoiners are skeptical of digital currencies, in general, while others are surprised by Pliego’s bitcoin applause. One of those responding positively to Pliego’s tweet is user Bryan GF. In his reply to Pliego he asks:
Uncle Ricardo, in addition to Bitcoin, would you recommend any other crypto for example Ethereum?
Another user Carlos Dayan says “the important thing is to study how it works, understand the market cycles, why it rises or falls, so as not to be afraid of the price correction and take advantage of price discounts when it falls.”
However, users like Carlos Salinas have attacked Pliego for making the “irresponsible comment.” According to this Twitter user, “investing in cryptocurrencies carries a high risk due to volatility, you just have to invest the money that you are willing to lose without affecting personal finances.”
What are your thoughts about the Mexican billionaire’s bitcoin comments? Tell us what you think in the comments section below.