Mexican Billionaire Bets big on Bitcoin

If given the option to hold only one asset for the next 30-years, Mexican billionaire Ricardo Salinas Pliego has said that he would choose Bitcoin. The billionaire has stated that his assertions are based on the fact Bitcoin is scarce. He added that its international recognition adds to its appeal.

While making these assertions, the billionaire stated that he intends to hold at least 10% of his liquid assets in Bitcoin. He added that his bank would start using Bitcoin soon. Pliego, the third richest person in Mexico, urged everyone to try and own Bitcoin, even if it is just a portion of it.

Pliego’s assertions come when institutions and wealthy investors are taking a more aggressive interest in Bitcoin. The likes of Goldman Sachs have indicated that they intend to start offering crypto exposure to their wealthy clients.

One of the more notable institutional players that are taking quite an aggressive approach towards Bitcoin is Microstrategy. The firm now has a portfolio of over 100k Bitcoin valued at over $3 billion and continues to buy more. Microstrategy CEO Michael Saylor has also been active in efforts to make Bitcoin mining more environmentally friendly.

The rationale behind Pliego’s assertions and the moves by companies like Microstrategy have a basis in real market fundamentals. Bitcoin is one of the scarcest assets on the planet, and this reflects in its value. While it is volatile, it has been on an upward trajectory since it was launched in 2009, and this has a lot to do with its scarcity.

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