22:05
Mexican Billionaire Reveals He Put 10% of His Portfolio in Bitcoin

It’s totally fair to say that the institutional investors are finally entering the Bitcoin and crypto-asset markets.

Bitcoin has seen a strong rally over the past few weeks and months. In the past month alone, the cryptocurrency has gained 50%. It has become increasingly clear that this rally has been driven by the entrance of so-called “smart money,” or capital from institutional players and billionaires.

It was just revealed that a Mexican billionaire deployed a large portion of his assets into Bitcoin.

Mexican Billionaire Goes Long on Bitcoin

As first spotted in the community by David Puell, a prominent on-chain Bitcoin analyst, the third-richest man in Mexico just revealed he owns a large amount of Bitcoin. The individual, Ricardo Salinas Pliego, purportedly put 10% of his liquid investment portfolio into the cryptocurrency because he sees it as a hedge against government encroachment:

“Mexico’s third richest man, owner of a media conglomerate, a bank, with the ear of the Mexican President, just disclosed his 10% BTC position, shilling
@saifedean’s “The Bitcoin Standard” in the process. ‘Bitcoin protects the common citizen against government expropriation.'”

He has a net worth of $13 billion, though it’s unclear what his investment portfolio is like due to the likely illiquidity in some of his assets (equity, real estate, etc.). Though, even assuming that only 10% of his fortune is held in liquid investments, that means he put at least $100 million into Bitcoin. He clarified in another Twitter comment:

“Dan, I love your newsletter (to which I subscribe) Here some clarifications on my post: 10 % of “liquid portfolio” in BTC…not of my net worth! The other 90% is in precious metals miners. For me it’s no “stampede”, started with Grayscale at 800 dlls BTC in 2016. Ricardo S.”

Salinas Pliego is the founder and chairman of Grupo Salinas, a group of companies with interests in telecommunications, media, financial services, and retail stores.

Far from the Only Billionaire Buyer

He is far from the only billionaire buyer involved in Bitcoin.

Stanley Druckenmiller last week announced that he has a stake in Bitcoin. He said that the cryptocurrency could perform even better than gold moving forward, referencing the asset’s ability to act as a store hold of wealth due to scarcity and its attraction to millennials and tech-minded individuals.

Druckenmiller is one of the world’s most well-respected asset managers.

Sourse: newsbtc.com

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