Last month, Ricardo Salinas Pliego stated that 10% of his portfolio would be for Bitcoin
Salinas is the founder of Grupo Salinas, which focuses on financial services, media and telecommunications. He has an estimated net worth of over $ 13 billion, making him the third richest person in Mexico. Overall, he was ranked the 110th richest person on the planet.
The billionaire confirmed via a Twitter post in mid-November that he had invested 10% of his liquid portfolio in Bitcoin.
“Bitcoin protects citizens from government expropriation,” he said. He asked his followers to read El Patron Bitcoin, a book he called “the best and most important thing to understand Bitcoin”.
In an interview with CoinTelegraph, the Mexican businessman described Bitcoin as a profitable investment, which he described as the best investment he has ever made. He stated that he first became aware of the asset in 2013 after a Grayscale representative spoke about it at a conference. He was curious about the asset that would “take over” and decided to give it a try.
Salinas was convinced that Bitcoin was initially only effective as a payment option. He then realized that crypto’s ability to be used as a “store of value” made it valuable. He made a small portion of his fund available to invest in the digital asset. Bitcoin traded hands for just $ 200 at the time. The investment paid him off very well and he has never looked back since.
The media tycoon announced that when bitcoin price hit $ 17,000 in early 2017, he sold all of his bitcoin stash, making a huge profit in the process.
“I had a big party. I was very happy with my best investment ever, but you know we always return to the crime scene, don’t we? “
He later bought Bitcoin when its price fell to $ 10,000 and also when the price fell even lower to $ 6,000. Salinas claimed that he did not intend to sell his Bitcoin holdings once he intended to keep them for the next five to ten years. He also applauded Grayscale Investments, through which he was introduced to the leading cryptocurrency.
“What I liked about Grayscale was that they made it easy – basically you put your money into the trust, then that trust would make the investment, they would take care of it.”