The second richest man in Mexico invested 10% of his investment portfolio in Bitcoin

The 166th richest person in the world has revealed that he invested part of his portfolio in Bitcoin.

Ricardo Salinas Pliego, the second richest man in Mexico, revealed that 10% of his „liquid portfolio“ is invested in Bitcoin (BTC).

The billionaire shared a video captured in „a Latin country“ that shows banks throwing trash bags full of paper money into a bin. He said that „paper money is not worth anything“, adding: „That’s why it’s always good to diversify our investment portfolio“.

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The video appears to show bags of Venezuelan bolivars being thrown away, including the 10,000 bolivar notes issued in 2016 and 2017 before the country re-denominated its banknotes in 2018 in the midst of a growing inflationary crisis.

Three hours later, Pliego tweeted a Crypto Bank recommendation for the book The Bitcoin Standard, stating that „Bitcoin protects the citizen from government expropriation“ and revealing its investment in crypto coins:

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Twitter reacted with joy to the news that the world’s 166th richest citizen is significantly invested in Bitcoin, and Dan Held of Kraken proclaimed, „The institutional herd is stampeding out.

Pliego responded to Held, saying that institutional adoption had been gradually manifesting itself since the launch of the Bitcoin Investment Trust in Greyscale in 2016.

The billionaire also pointed out that the remaining 90 per cent of his liquid portfolio is invested „in precious metal miners“.

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Pliego was born in 1955 in Mexico City and is the founder and president of Grupo Salinas, which has businesses in media, telecommunications, finance and retail.

Salinas is also President of TV Azteca, the second largest producer of Spanish-language programming in the world and the second largest media company in Mexico.