Cryptocurrencies

Richest man in Mexico puts 10% of his fortune in Bitcoin (BTC) – Cryptocurrencies

bitcoins on Mexico flag background

A bonfire with fiats fueling the pyre: only millionaires and billionaires would be aware of the true value of fiats? Institutional investors and large fortunes are increasingly flocking to Bitcoin (BTC).

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Fiats in the trash

The 2nd fortune of Mexico, Ricardo Salinas Pliego, revealed that his investment portfolio included Bitcoins.

In a tweet on November 18, 2020, the billionaire shared a video showing banknotes thrown in trash bags: some suggest it could be denominations of 10,000 Venezuelan bolivars issued between 2016 and 2017 before the country re-denomination of its currency when the economy was hit by hyperinflation.

Pliego asserts that paper money has no value; it is therefore necessary to diversify its investments.

The billionaire continued with praise of the Bitcoin, explaining that it was a choice alternative protecting its holder from any attempts at expropriation or manipulation by a central government.

Queue at the Bitcoin Gate

Another tweet from Pliego published a few hours later recommended the book ” The Bitcoin Standard And revealed that 10% of his portfolio was denominated in Bitcoin.

The remaining 90% would be invested in precious metals. It is impossible to assess with certainty the exact amount of his portfolio, but it is very likely that this percentage of 10% represents several million dollars.

Cryptophiles obviously liked this tweet: one of the executive officers of Kraken, Dan Held, indicated that institutional investors were jostling each other at the entrance of the market like a herd.

Pliego responded by saying that the interest of institutional investors in Bitcoin has been progressing steadily since the launch of Grayscale’s Bitcoin Investment Trust in 2016.

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Pliego is the founder and president of Grupo Salinas and today would be 166th global fortune.

Bitcoin is trading at $ 18,150 as of this writing. What factors would most convince the most reluctant institutional investors to buy Bitcoins? A BTC hitting new ATH or a sharp devaluation of the dollar? BTC now needs to break through the last resistance zone at the $ 18,500 level for the bulls to run towards the $ 20,000. Institutional investors have every interest in getting into the BTC buying race as early as possible before MicroStrategy and Grayscale devour most of the offers in circulation.

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