Mexican billionaire Ricardo Salinas Pliego just declared 10% of his portfolio is now tied up in bitcoin.
Announced in a tweet on Wednesday, Mexico’s second-wealthiest man responded to questions that “many people” ask him about bitcoin, saying: “YES. I have 10% of my liquid portfolio invested.”
“Bitcoin protects the citizen from government expropriation,” Pliego added as he recommended “El Patron Bitcoin” – a book that is “the best and most important to understand #Bitcoin.”
The other 90% of Pliego’s investments are tied up “in precious metals miners,” the billionaire explained in a reply to Dan Held, the Kraken crypto exchange’s growth lead.
Latin American countries, namely Venezuela, have been plagued by hyperinflation in recent years leading to a situation reminiscent of Germany’s 1920’s hyperinflation in the Weimar Republic.
Investors looking to protect themselves from “government expropriation” and inflation have historically turned to…