Mexican Billionaire: ‘Stay Away From Fiat Money… Invest in Bitcoin’

Ricardo Salinas Pliego In Sep 2017

Mexican billionaire Ricardo Salinas Pliego had an interesting new year video message for his over 959K followers on Twitter.

Ricardo Benjamín Salinas Pliego is the founder and chairman of Mexican conglomerate Grupo Salinas. He is currently the third richest person in Mexico.

On 17 November 2020, Salinas recommended the book “The Bitcoin Standard” by Saifedean Ammous to his followers on Twitter, and said that this was the best and most important book for understanding Bitcoin. More interestingly, he revealed that 10% of his liquid assets were invested in Bitcoin.

In December 2020, during an interview with Cointelegraph’s Giovanni Pigni, he talked about Bitcoin. The interview started with Salinas telling the story of how he first heard about Bitcoin:

I was invited to a conference in New York’s city… And there were different sessions, and [at] one of the sessions, this guy from Grayscale showed up. And he gave us the whole talk about Bitcoin and how it’s going to take over…. It immediately attracted my attention. I said ‘well, let’s try it out and see what happens’. I put in a small amount. It was trading at $200 per bitcoin. It was 2013, but at that time…

What I liked about Grayscale was they simplified it — basically you put your money in the trust, then this trust would do the investment, they would take care of the whole thing, they would take care of the custody, they sent you a monthly statement, and that was a very good arrangement, and eventually that that trust turned into GBTC, which is now an exchange-traded product…

Although Bitcoin initially grabbed Salinas’s attention as a “payment vehicle,” he later realized that “it’s the store value that really makes it valuable.”

Later in the interview, Salinas said that he sold all of his BTC holdings in January 2017 (when BTC was trading around $17,000):

I had a big party, [was] very happy with my best investment ever, but you know, we always return to the scene of the crime, right? So when it went down to $10,000, I thought ‘well, now, it’s more reasonable’, and I bought some at that time. and then it went down more to $6,000, bought about some more, and that’s where I am, where our average right now is around $9,000, and I’m not done. I’m not selling it. I think I’m gonna sit around for another five or ten years.

Well, on December 24, Salinas sent out the following tweet:

The text of the tweet says:

My dear 957,200 followers on Twitter, I leave you a message from #Navidad and from #FindeAño , please listen to it and share it. A hug and all the success of the universe for all of you, may God give you health, desire to live and get ahead, the world belongs to dreamers!

And in the attached video, Salinas advises his followers to forget about keeping their savings in any kind of fiat currency (due to all the money printing being done by central banks around the world) and instead to invest to in Bitcoin:

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.


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