Ricardo Salinas Pliego, the third richest man in Mexico, has 10 percent of his liquid portfolio is in Bitcoin. He is also recommending The Bitcoin Standard, a book by economist Saifedean Ammous, as per a Twitter post on Nov 18.
Bitcoin is a Billionaire’s Paradise
The Mexican businessman has a net worth of $11.8 billion according to Forbes. He is the chair and founder of the Salinas Grupo, a group of companies with interests in telecommunication, media, banking, and financial services.
Despite his close ties with Andres Manuel Lopez, the President of Mexico, his position on Bitcoin is different. Salinas considers Bitcoin to be a shield against government expropriation. The coin’s censorship resistance and store of value characteristics are huge drawers.
At the time of writing, the Bitcoin price is trading at a three-year high, above $18,000; $2,000 shy from its all-time high. For perspective, the Bitcoin price is up 57 percent in the last month, more than doubling year-to-date.
Analysts say the recent Bitcoin price pump is because of institutions. Through regulated entities like Grayscale Investment, high net-worth investors can dedicate a portion of their vast portfolios to cryptocurrencies. Most of them prefer liquid digital assets with proper guidance from regulators.
Salinas has been a Bitcoin investor. In a follow through post, he told Dan Held that even as the digital asset’s rise, there isn’t a “stampede” since he first channeled his funds to Grayscale Investment in 2016.
Institutional and Corporate Endorsement
The latest details from the digital asset manager show their steady growth. Over the years, they have successfully increased their Bitcoin holdings to over 500,000. Interest in the last six months accelerated, rising 50 percent, pointing to increasing institutional interest.
An excerpt from a financial report by JP Morgan found that Grayscale Investment Bitcoin trust has been seeing significantly larger inflow from institutions than gold Exchange Traded Funds (ETFs).
However, more is expected. Their latest survey reveals the motivation of Bitcoin investors. 60 percent of all Bitcoin-interest investors were attracted by the growth prospects of the digital asset.
BTCManager also on Anthony Scaramucci’s firm plans of investing in Bitcoin and digital assets. Their proposal awaits approval by the SEC.