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Here’s Why Mexico’s Second Richest Man Is Investing 10% of His Portfolio in Bitcoin

November 19, 2020

The second wealthiest man in Mexico says he’s now a big Bitcoin bull.

Mexican media and retail mogul Ricardo Salinas Pliego tells his 800,000 Twitter followers that he is storing 10% of his liquid assets in Bitcoin (BTC).

Pliego warns his followers that he believes citizens need to protect their capital from the government and should read up on Bitcoin as an alternative store of wealth option.

Hoy les recomiendo EL PATRÓN BITCOIN, este libro es el mejor y más importante para entender #Bitcoin.

El Bitcoin protege al ciudadano de la expropiación gubernamental.

Muchas personas me preguntan si tengo bitcoins, SÍ. Tengo el 10% de mi portafolio líquido invertido en el ?? pic.twitter.com/6LtFVCXvuA

— Don Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020

“Today I recommend The Bitcoin Standard. This book is the best and most important to understand Bitcoin. Bitcoin protects the citizen from government expropriation. Many people ask me if I have Bitcoin, YES. I have 10% of my liquid portfolio invested in [BTC].”

Pliego recommends that his followers look into Bitcoin in order to combat the inflation of Latin American paper currencies, which he believes are worthless.

To highlight his point, the billionaire posted, what he says, is a video of a Latin American bank literally throwing away its paper money.

Para iniciar con el #Bitcoin, les comparto un video tomado en un país latino donde los bancos tiran el dinero a la basura (el papel moneda no vale nada) es por eso que siempre es bueno diversificar nuestro portafolio de inversiones ?.

Esto es la expropiación inflacionaria! ????? pic.twitter.com/ahblQW6AhO

— Don Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020

“To start with Bitcoin, I’ll share a video taken in a Latin country where banks throw money away (paper money is worth nothing). That is why it is always good to diversify our investment portfolio. This is inflationary expropriation!”

According to Forbes, the fortune Pliego seeks to protect is a net worth of $12 billion and counting. The billionaire runs Mexico’s second largest broadcast network, TV Azteca and retailer Grupo Elektra.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Mia Stendal