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Meet the billionaire who considers Bitcoin “his best investment”

Photo of: Nathan VDH
by Nathan VDH

Mexican Ricardo Salinas Pliego, a wealthy Mexican, holds 10% of his liquid portfolio in Bitcoin. And the billionaire clearly does not regret this investment, according to him the best investment he ever made.
Bitcoin, an investment for geeks and other technophiles? A few years earlier, perhaps. Ricardo Salinas Pliego certainly doesn’t fall into either of these categories. A billionaire, he ranks 106th in the Fortune 500.

In addition, Pliego is the founder and president of the Salinas Group. He heads various companies in the media, telecommunications, finance and retail sectors.

But the investor is also not a newcomer to Bitcoin. He explains to Cointelegraph that he acquired the cryptocurrencies for the first time in 2013. At the time, he was only paying $200 per token.

But it was already “his best investment” to date. Ricardo Salinas Pliego kept his Bitcoin until 2017, the year of the previous All-time-high” of the crypto. He then sold all his positions at $17,000.

But that was not the end of his Bitcoin adventures. Very quickly, he invested again, at a lower price. “We always go back to the scene of the crime”, joked the Mexican investor to our colleagues.

By 2020, Bitcoin is now well over $17,000 at over $26,000. The token has even offered itself a stay beyond that. Nevertheless, Pliego excludes, for the time being, selling its capital.

This represents today 10% of the liquid assets of the Mexican’s fortune. This share could still increase. Decrease? This is not the case at the moment. The investor says he plans to keep his Bitcoin for another 5 to 10 years.

Salinas emphasizes more particularly its value reserve characteristics. Previously, it was the potential of Bitcoin as a medium of exchange that was touted. It must be said that in South American economies suffering from high inflation, the value reserve qualities are even more attractive.

“What is happening in Venezuela, in Argentina, where fiat money is collapsing, has become a scandal,” reacts Ricardo Salinas Pliego. “It really opens your eyes to the problem of cash,” he concludes.