Despite the uncertainties hovering around the cryptocurrency space, whales, including Mexico’s third-richest man, are massively accumulating Bitcoin.
Salinas Richardo Pliego, the founder and chairman of Grupo Salinas, appears not to be concerned about Bitcoin’s recent downside. Speaking at an interview at Kitco News, he disclosed that he is stacking the pioneering cryptocurrency in no small way.
Pliego Increases Bitcoin Exposure
Bitcoin is down over 7% from its all-time high of $112,000, with most of the retracement coming after the Middle East crisis. Yet Mexico’s third-richest man is buying in, although unrelated to the war.
Pliego noted that he has increased his Bitcoin exposure in the past week because he knows what’s coming. Recall that the billionaire already has 70% of his entire portfolio in the premier crypto asset and recently noted he is considering going all in soon.
While he did not disclose the amount of Bitcoin that he acquired in the past week, he noted that it was a considerable portfolio increment. Furthermore, he identified that he was not timing the perfect moment to buy but instead just wanted to acquire more Bitcoin in preparation for what the asset holds in the future.
Remarkably, the Mexican billionaire has been vocal about Bitcoin and its potential to transform the financial system. Pliego has persistently advocated for Bitcoin exposure, calling it the future of money. He recently wrote a book titled “The Bitcoin Enlightenment,” where he stated that Bitcoin is the end of fiat.
Bitcoin Is the Future
Meanwhile, Pliego insisted that Bitcoin is here to stay. Although admitting that gold has its place, he noted that Bitcoin is a better asset and will soon outperform it. Notably, he does not share this sentiment alone; proponents like Coinbase CEO Brian Armstrong also believe so, arguing that nations will hold more of the digital asset than gold over time.
Furthermore, the billionaire shared that Bitcoin is the perfect escape from the fraud of fiat currency. He cited Michael Saylor’s statement that fiat has the most terrible track record of debasement, as the US dollar has lost 99% of its value over the past 40 years.
Hence, buying Bitcoin would help escape the hyperinflation maze. “I think the sooner your audience all gets on board the train, the better,” he said.
Pliego also weighed in on Bitcoin’s uncertainty despite claims it is the new gold. When asked why Bitcoin usually drops following every macroeconomic headwind, he assured that while Bitcoin reacts adversely to these conditions, holders should look beyond the daily fluctuations and focus on its long-term trajectory.
Bitcoin trades at $104,701 at the time of writing.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
