Ricardo Salinas, one of the world’s richest man with a net worth of $13.2 billion says he has 10% of his liquid portfolio invested in bitcoin.
The owner of “a group of companies with interests in telecommunications, media, financial services, and retail stores” in Mexxico, says:
“Bitcoin protects the citizen from government expropriation.”
He has further pinned a video from Venezuela where people throw away their money like trash. He says:
“To start with Bitcoin, I share a video taken in a Latin country where banks throw money away (paper money is worth nothing), that is why it is always good to diversify our investment portfolio. This is inflationary expropriation!”
It’s not very clear when he began investing in bitcoin, or why he now chose to come out as a bitcoiner, but the figure of 10% is interesting because until recently 1% was suggested for big portfolios.
Usually for pension funds and the like, 10% is allocated to non-securities, non-stocks, which generally translates to gold.
Citibank however has come out to say bitcoin is the new gold, with some papers suggesting 10% should be allocated to bitcoin due to its hedging and diversifying qualities.
Hence perhaps this statement by Salinas at the dawn of what may well be a new bitcoin bull market.