Ricardo Salinas Pliego breaks down his Bitcoin investment thesis.
Ricardo Salinas Pliego, chairman at conglomerate Grupo Salinas and Mexico’s second richest man, has revealed to Cointelegraph in an interview that he bought his first Bitcoin in 2013, when it was worth around $200. That, according to the billionaire, was his “best investment ever”.
After holding it all the way until its 2017 highs, he sold all his positions at $17,000 and bought it again later at a cheaper price.
“We always return to the scene of the crime”, he joked.
Now Salinas holds around 10% of his liquid portfolio in BTC and doesn’t plan to sell any of it any time soon.
“I want to sit around for another five or ten years”, he said.
While initially attracted by Bitcoin as a means of exchange, Salinas is now convinced that Bitcoin’s potential resides in its store of value features.
According to Salinas, Bitcoin’s properties are particularly attractive in Latin American economies where fiat currency is being debased and inflation is rampant.
“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”, he said.
Salinas also points out, Bitcoin is the natural result of the evolution of money, from physical to digital.
“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”, pointed out Salinas.
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