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Mexican billionaire endorses Bitcoin says he’d hodl for 30 years

Mexican authorities

TL;DR Breakdown

  • Mexican Billionaire to hold BTC for 30 years
  • Says his Bank would begin accepting BTC

Ricardo Salinas Pliego, one of the richest men in Mexico, has provided a massive boost for the number one cryptocurrency, Bitcoin. The Mexican billionaire who described fiat currencies as ‘fraud’ noted he would hold only Bitcoin for the next 30 years if he had to choose.

He referenced 1981 when he started his career; the Mexican peso “was 20:1 to the USD; today, we are at 20,000:1.”

Pliego also said that other nations’ local currencies, like Venezuela, Argentina, and Zimbabwe, have lost even more value than the US dollar.

The billionaire who is among the top 200 richest men in the world also said his bank would begin providing support for Bitcoin in Mexico, which will make it mark as Mexico’s first bank to deal in Bitcoin.

He revealed this in a tweet responding to fellow Bitcoin enthusiast and MicroStrategy CEO Michael Saylor.

The Mexican billionaire said, “me and my bank (Banco Azteca) are working to be the first to accept #Bitcoin in Mexico.”

In the video, Salinas explained how witnessing hyper-inflation first-hand informed his rationale for investing in bitcoin and why he thinks “fiat is a fraud.”

Behind his plan to invest in Bitcoin, the Mexico billionaire pointed at the limited supply of the cryptocurrency as its most crucial merit describing it as his primary reason to hold on to Bitcoin for 30 years.

Mexican billionaire calls on investors to stake on Bitcoin

The billionaire also called on investors to buy at least a little portion for their respective portfolio. The Mexican billionaire is the founder and chairman of Grupo Salinas. His first BTC purchase worth $8,000 many years ago.

Part of his plans is to reassert his presence in the cryptocurrency space. Reportedly, Pliego has 10 percent of his liquid portfolio invested in BTC.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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