Mexico’s Second Richest Man Reveals his Bitcoin HODLing Plan
Ricardo Salinas Pliego calls BTC his “best investment ever” which he first bought seven years back.
Ricardo Salinas Pliego, the chairman at conglomerate Grupo Salinas has been a Bitcoiner long before he invested 10% of his liquid assets into the world’s largest digital asset last month.
Mexico’s second richest man recently revealed in an interview that he first bought Bitcoin in 2013 when the digital asset was worth just about $200.
However he sold all his BTC during the 2017 bull run at about $17,000 but he bought some again at a cheaper price because as he quipped, after all, “We always return to the scene of the crime.”
The billionaire calls Bitcoin his “best investment ever.”
As for the latest 10% of his liquid portfolio investment in Bitcoin, he doesn’t plan on selling anytime soon, at least not “for another five or ten years.”
This makes sense given that already Bitcoin has broken a new all-time high at $28,200 and we are just at the beginning of this cycle and institutions have just started to catch on. With many expecting $100k and $400k as the top of their cycle, and some even predicting $1 million per BTC in the future, HODLing is the best policy for a Bitcoiner.
According to Salinas, Bitcoin’s potential is in its feature as a store of value, unlike as a means of exchange which initially got him attracted to the crypto asset. Now that central banks all over the world are printing money and debasing fiat currencies, Bitcoin is emerging as a hedge against inflation. He said,
“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.”
“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,” Salinas added.