Salinas Pliego is the founder and chairman of Grupo Salinas, a collection of companies with stakes in telecommunications, media, financial services, and retail stores, per Wikipedia.
Announced in a tweet on Wednesday, Salinas Pliego responded to questions that "many people" ask him about bitcoin (BTC, -1.97%), saying"YES. I have 10% of my liquid portfolio invested."
"Bitcoin protects the citizen from government expropriation," Salinas Pliego added as he recommended "El Patron Bitcoin" – a book that is "the best and most important to understand #Bitcoin."
The other 90% of his 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 alternative assets like gold to hedge against fiat currency devaluation. Now bitcoin looks to be increasingly finding a place as a digital alternative.
Hours before posting his bitcoin tweet, the Mexican billionaire had posted another tweet decrying government-issued fiat as being "worth nothing" and noting that it is always "good to diversify" ones investments.
Original title: Mexican Billionaire Reveals 10% of His Liquid Assets Are in Bitcoin
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