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Wealthy people disdain from buying coins? Mexico's third richest man reveals that 10% of his liquid assets are invested in Bitcoin

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Wealthy people disdain from buying coins? Mexico

The third richest man in Mexico revealed that 10% of his liquid assets are invested in Bitcoin (BTC), claiming that "Bitcoin has the ability to protect citizens' assets from government confiscation."

Latin America Suffers from Inflation

Ricardo Salinas Pliego, a wealthy individual who previously recovered from the pandemic and generously gave away 1 million pesos (approximately 1.345 million New Taiwan Dollars) as red envelopes online, recently shared a video on Twitter that was shot in a Latin American country. In the video, the people of that country are suffering from severe inflation, resulting in them bagging severely devalued banknotes in garbage bags and throwing them into the trash, including banknotes with a face value of 10,000 Venezuelan Bolivares VEF issued in 2016 and 2017.

Pliego mentioned in the tweet that these banknotes are worthless and added:

"This is why asset diversification is a good thing for our investment portfolio."

In fact, since 2010, the Mexican Peso (MXN) has depreciated against the US Dollar from 1:0.08 to 1:0.04:

Bitcoin Can Protect Citizens' Assets

Three hours later, Pliego tweeted again and recommended the book "The Bitcoin Standard," claiming that "Bitcoin has the ability to protect citizens' assets from government confiscation" and disclosed the allocation of cryptocurrency in his investment portfolio:

"I recommend 'The Bitcoin Standard' to you all, the best and most important work to understand Bitcoin. Bitcoin can protect citizens' assets from government confiscation. Many people ask me if I hold Bitcoin, yes, I invest 10% of the liquid assets in my balance sheet in Bitcoin."

Ranked 166th on the global billionaire list, the individual has made significant investments in Bitcoin, sparking excitement in the community once again. Dan Held, Business Development Manager at Kraken, commented on this newshere:

"Institutional adoption is accelerating."

However, Pliego noted that institutional adoption has been gradually emerging since the establishment of Grayscale's Bitcoin Investment Trust Fund (GBTC) in 2016. The billionaire also pointed out that the remaining 90% of his liquid assets are invested in precious metal mining.