Mexican Billionaire Holds 10% of Investments in Bitcoin

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Last Updated on 18 November 2020 by CryptoTips.eu

The Bitcoin bullish run has seen a lot of attention on the leading coin which has resulted in several top executives revealing their stake in Bitcoin. The latest to disclose his holdings is Mexican billionaire Ricardo Salinas Pliego.

Pliego is the founder of Grupo Salinas, one of the biggest groups in Latin America with stakes in Media, telecommunications and financial sectors.

The second richest man in Mexico revealed on Twitter that he holds 10% of his total assets in Bitcoin. Pliego replied to a question from his Twitter followers with the following words

YES. I have 10% of my liquid portfolio invested.

He further revealed that that Bitcoin was an unique asset that protected citizens from government exploitation.  While he recommends “El Patron Bitcoin” a book that focuses on the importance of Bitcoin.

When quizzed about his other assets, Pliego revealed that his other 90% assets are placed in precious metals minerals. Pliego stated in previous tweets that the government-issued fiat was worth nothing while noting that diversification was key for investors.

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Crypto Assets Growth Massive in Latin America

Latin America has witnessed immense growth of cryptocurrencies in recent years as many look to hedge against inflation. The region has experienced a decade of negative economic growth with many fiat currencies losing huge value.

Venezuela for example is one of the countries that has adopted cryptocurrency massively in the past five years. The nation has been plagued with hyperinflation that has resulted in its currency being virtually worthless. The political situation has also caused a conundrum with the country having two parallel governments in recent years.

Thus crypto assets have been adopted by citizens as a hedge against inflation and the government recently released its native crypto called Petro.

Mexico has also been experiencing economic difficulties of recent with the country highly dependent on the US for large portions of its GDP. Pliego decision to hold 10% of his assets in Bitcoin has received a positive reception from the crypto community.

This shows that Bitcoin adoption is growing and financial institutions are beginning to invest massively in the coin.