The second wealthiest man in Mexico says he’s now a big Bitcoin bull.
Mexican media and retail mogul Ricardo Salinas Pliego tells his 800,000 Twitter followers that he is storing 10% of his liquid assets in Bitcoin (BTC).
Pliego warns his followers that he believes citizens need to protect their capital from the government and should read up on Bitcoin as an alternative store of wealth option.
“Today I recommend The Bitcoin Standard. This book is the best and most important to understand Bitcoin. Bitcoin protects the citizen from government expropriation. Many people ask me if I have Bitcoin, YES. I have 10% of my liquid portfolio invested in [BTC].”
Pliego recommends that his followers look into Bitcoin in order to combat the inflation of Latin American paper currencies, which he believes are worthless.
To highlight his point, the billionaire posted, what he says, is a video of a Latin American bank literally throwing away its paper money.
“To start with Bitcoin, I’ll share a video taken in a Latin country where banks throw money away (paper money is worth nothing). That is why it is always good to diversify our investment portfolio. This is inflationary expropriation!”
According to Forbes, the fortune Pliego seeks to protect is a net worth of $12 billion and counting. The billionaire runs Mexico’s second largest broadcast network, TV Azteca and retailer Grupo Elektra.
Featured Image: Shutterstock/Mia Stendal