The Mexican billionaire praises Bitcoin and points out that it is a good investment

Mexican billionaire praises Bitcoin and points out that it is a good investment - Ricardo Salinas Pliego bitcoin 1024x577Last month, Ricardo Salinas Pliego, a well-known Mexican billionaire, said that 10% of his wallet was converted into bitcoin.

Salinas is the founder of the Grupo Salinas which deals with financial services, media and telecommunications. He has an estimated net worth of over $ 13 billion, making him the third richest person in Mexico. Overall, he was ranked as the 110th richest person on the planet.

The billionaire confirmed via a Twitter post in mid-November that he had invested 10% of his portfolio in Bitcoin. "Bitcoin protects citizens from government expropriation," he said. He asked his followers to try reading "El Patron Bitcoin", a book he described as "the best and most important for understanding Bitcoin and cryptocurrencies in general."

The words of the Mexican billionaire

In an interview with CoinTelegraph, the Mexican businessman hailed Bitcoin as a reliable investment, calling it the best investment he has ever made.

He explained that he first became aware of the resource in 2013 after hearing a representative from Grayscale talk about it at a conference. Intrigued by the resource that "would take over", he decided to give it a try.

Salinas was convinced that Bitcoin was initially only effective as a payment option. It later occurred to him that the ability of cryptocurrencies to be used as a "store of value made them valuable."

He has set aside a small portion of his fund to invest in the digital asset. At the time, Bitcoin was trading for only $ 200. The investment paid off very well and he has never looked back since.

The bitcoin boom has certainly favored it

The media mogul said that when Bitcoin's price hit $ 17.000 in early 2017, he sold his entire stash of Bitcoin, making a huge profit in less than 5 years from his investment.

“I had a great party. I was very happy, it was my best investment ever, but you know, we always go back to the crime scene, right? ”.

He later bought Bitcoin when its price dropped to $ 10.000 and also when the price dropped even lower to $ 6.000. Salinas said he is not looking to sell his Bitcoin holdings right now, as he plans to hold it for the next five to ten years. He also cheered Grayscale Investments, through which he was introduced to the leading cryptocurrency.

"What I liked about Grayscale is that they simplified it - you basically put your money in their hands, and they take care of the entire investment process and they will take care of everything."

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