After Buying Bitcoin at $800 in 2016, Mexico’s Second-Richest Man Doubles Down

After Buying Bitcoin at $800 in 2016, Mexico's Second-Richest Man Doubles Down

The Bitcoin billionaire bandwagon has another representative in the likes of Mexico’s second-wealthiest man – Ricardo Salinas Pliego. He recently highlighted the problems with fiat currencies, especially in Latin America, and clarified that his first BTC purchase came four years ago.

Mexican Billionaire Points Out Fiat Problems

According to a Forbes publication from earlier this year, Pliego is the second-wealthiest man in Mexico with a net worth of approximately $12 billion. The post also outlined that he’s the only Mexican billionaire whose wealth has increased in the past year.

Interestingly, he doesn’t seem like a fan of traditional fiat currencies to store his sizeable wealth. He shared a video on Twitter recently showcasing that banks in an undisclosed “Latin country” have thrown away paper money.

Pliego commented on the act and named paper money “worthless.” He also went on to suggest that people should diversify their investment portfolios. Additionally, he noted “to start with Bitcoin” at the beginning of the video description.

Although he hasn’t revealed their names, the economies of several countries in Latin America have suffered for years. The government-issued currencies of nations like Argentina, Venezuela, Chile, Brazil, and more have lost a lot of value not only against the dollar but against Bitcoin as well.

CryptoPotato reported earlier that BTC had reached an all-time high against the Brazilian Real.

Ricardo Salinas Pliego. Source: Bloomberg

Pliego Bought BTC In 2016

Apart from the publication above, the Mexican billionaire has made a few more BTC-related posts. Firstly, he recommended the Bitcoin Standard book written by Saifedean Ammous in another tweet.

Shortly after, Pliego clarified his Bitcoin position and the time of his entry. He noted that 10% of his “liquid portfolio” was in BTC. The other 90% are in various precious metals.

The Mexican also said that he used the services of the large digital asset manager Grayscale to complete his first Bitcoin purchase in 2016 when the asset price traded around $800.

With BTC’s price hovering around $18,000 now, it’s worth noting that Pliego has received a 2,150% ROI on his initial investment in just four years.

Featured Image Courtesy of El CEO


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