Ricardo Salinas Pliego, a Mexican billionaire with a net worth of $12 billion according to Forbes, confirmed he has invested 10% of his liquid portfolio in Bitcoin.
On November 18th, Pliego recommended the book “The Bitcoin Standard” and told his 810,000 followers that he invested a portion of his portfolio in Bitcoin.
“Today I recommend THE BITCOIN STANDARD, this book is the best and most important to understand Bitcoin. Bitcoin protects the citizens from government expropriation. Many people ask me if I have bitcoins, YES. I have 10% of my liquid portfolio invested in [Bitcoin].”
Pliego Invested 10% of His Portfolio, Not Net Worth
Following Pliego’s tweet, industry executives and analysts within the cryptocurrency sector discussed his high-profile investment in Bitcoin.
Pliego operates TV Azteca, retailer Grupo Elektra, and Banco Azteca, and is one of the most influential retailers and financiers in Mexico.
As such, Pliego’s allocation into Bitcoin goes further than a billionaire investing in a cryptocurrency. It sets a precedent and a message throughout Mexico that Bitcoin is evolving into an established store of value.
The investment also garnered significant mainstream attention within a short period after Pliego publicized his allocation to Bitcoin.
However, Pliego emphasized that he invested 10% of his liquid portfolio, not net worth. Hence, Pliego did not buy $1.2 billion worth of bitcoin. Rather, it would be 10% of the amount of capital he considers his liquid portfolio, the total sum of which is not known.
Not a Stampede
Notably, Pliego stated that in his opinion, Bitcoin‘s entrance to Wall Street was not a “stampede,” but more so a gradual process since 2016, when the Grayscale opened its doors and went on to become the preferred instruments for institutions and accredited investors to gain exposure to Bitcoin.
In recent months, institutional demand for Bitcoin has grown signficiantly, as seen in trading volume on CME and the assets under management (AUM) of Grayscale. Clearly, though, not every institutional investor is only now taking notice of Bitcoin. Some—and possibly Pliego, too—have been on board for much longer.