A Mexican billionaire is doubling down on his Bitcoin investment, even after a recent price drop. This shows continued strong confidence in Bitcoin among high-net-worth individuals.
Pliego’s Bitcoin Strategy
Ricardo Salinas Pliego, Mexico’s third-richest man, has significantly increased his Bitcoin holdings. He already owned around 70% of his portfolio in Bitcoin, and recently added a “considerable increment.” He’s not waiting for the perfect price; he’s buying the dip.
Why the Dip is a Buying Opportunity
Bitcoin’s recent price drop, following some geopolitical tension, is seen by Pliego as a chance to buy more at a lower price. He’s not alone; other major players are doing the same, leading to fewer coins available on exchanges. He views this as a positive sign.
Bitcoin as an Inflation Hedge
Pliego argues that Bitcoin is a hedge against inflation, citing the significant loss of purchasing power of the US dollar over the past 40 years. He believes Bitcoin protects against the effects of money printing, echoing similar sentiments from other prominent figures in the crypto space. He even wrote a book, “The Bitcoin Enlightenment,” arguing for Bitcoin’s superiority over fiat currencies.
Long-Term Vision
While acknowledging Bitcoin’s volatility, Pliego encourages investors to focus on the long-term potential. He’s not alone in this view; other prominent figures like Coinbase CEO Brian Armstrong share a similar outlook on the future of digital assets.
A Risky, But Potentially Rewarding, Bet
Pliego has hinted at potentially putting all his assets into crypto. This is a high-risk, high-reward strategy, given Bitcoin’s historical price swings. However, his actions are influencing others, highlighting the growing interest in Bitcoin among wealthy investors. The potential for massive gains is attracting significant investment, even with the inherent risks.