Mexican billionaire Ricardo Salinas Pliego says Bitcoin is his best investment

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Ricardo Salinas
Ricardo Salinas

Ricardo Salinas Pliego, the second richest man in Mexico said Bitcoin (BTC) is the best investment he ever made. He initially purchased Bitcoin in 2013 when it was $200 and later sold all of it when the price reached $17,000, making a profit of $16,800 each.

The Mexican billionaire later acquired more Bitcoins when the price went down. Now, the cryptocurrency is climbing continuously.

Salinas Pliego is the founder chairman of Grupo Salinas, a conglomerate of several Mexica companies including TV Azteca, Grupo Elekta, Mazatlán F.C., and Telecosmo. His net worth is $12.8 billion as of this writing based on data from Forbes.

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Currently, Salinas Pliego holds 10% of his liquid portfolio in BTC. When asked if he has any plans to sell, he replied that he won’t be selling it anytime soon. “I want to sit around for another five or ten years”, he told Cointelegraph.

Salinas Pliego believes that the longer he keeps his Bitcoin, the more valuable it will be. He predicts that Bitcoin has long-term potential. He added that Bitcoin is important in Latin American economies. He also commented that the quality and volume of fiat money currency has declined and it is struggling from hyperinflation.

“What’s happening in Venezuela, in Argentina where fiat money is collapsing has become a scandal (…) It really opens your eyes to the problem of fiat cash,” he said.

The Mexican billionaire perceives Bitcoin as a result of the evolution of money. He believes that the process of transformation from physical to digital currency is natural.  “Bitcoin is bits and bytes in the ether, but the good thing is that it cannot be debased and it cannot be confiscated that easily,” he said.

Bitcoin prices have been climbing over the past weeks. It broke four records consecutively- first hitting the $20,000 mark, then $23,000, $24,000, and finally $24,600 on Christmas day.

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