Mexican billionaire praises Bitcoin as a good investment
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Last month, Ricardo Salinas Pliego stated that 10% of his wallet was destined for bitcoin
Salinas is the founder of Grupo Salinas with a focus on financial services, media Crypto Code app and telecommunications. He has an estimated net worth of more than $13 billion, making him the third richest person in Mexico. Overall, he has been ranked the 110th richest person on the planet.
The billionaire confirmed through a Twitter post in mid-November that he had invested 10% of his net portfolio in Bitcoin.
„Bitcoin protects citizens from government expropriation,“ he said. He asked his followers to try to read ‚El Patron Bitcoin‘, a book he described as „the best and most important to understand Bitcoin.
In an interview with CoinTelegraph, the Mexican businessman hailed Bitcoin as a viable investment, calling it the best investment he had ever made. He explained that he learned about the asset in 2013 after hearing a Grayscale representative speak about it at a conference. Curious about the asset that „would take over“, he decided to make an attempt.
Salinas was convinced that Bitcoin was only effective as a payment option at the beginning. After that, he realized that the ability of cryptomeda to be used as a „store of value made it valuable“. He set aside a small portion of his fund to invest in the digital asset. Bitcoin was being traded for only $200 at the time. The investment rewarded him very well and since then he has never looked back.
The media tycoon reported that when the price of Bitcoin reached $17,000 in early 2017, he sold his entire stock of Bitcoin, making a large profit in the process.
„I had a great party. I was very happy with my best investment of all time, but you know, we always go back to the scene of the crime, right?“
Later, he bought Bitcoin when its price fell to $10,000 and also when the price fell even further to $6,000. Salinas said he wasn’t looking to sell his shares in Bitcoin any time soon, as he plans to keep it for the next five to ten years. He also applauded Grayscale’s investments, through which he was introduced to the leading cryptomeda.