The Bitcoin Race Is On As Billionaire Mogul Reveals He Has 10% Of His Portfolio In BTC

By Guest Author
December 8, 2020 Updated December 8, 2020
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The crypto world was recently left thrilled after Ricardo Salinas Pliego, the second richest man in Mexico, revealed he had 10% of his liquid portfolio in Bitcoin. The billionaire born in Mexico City back in 1955 has made his fortune through media, finance, telecommunications, and finance. He seems to be a true believer in Bitcoin and its potential. He shared a video recently captured in an unspecified Latin American country where bank workers are seen throwing away garbage bags filled with paper notes into a dumpster. Pliego adds that paper money is worthless, and that’s why it’s good to diversify your investment portfolio.

The notes being dumped appear to be Venezuelan bolivars, including 10,000 notes issued a few years ago before banknotes were redenominated as the county tries to combat the inflation crisis. A few hours after sharing the video, the billionaire would share a tweet where he recommends The Bitcoin Standard – a book that gives insight on what the cryptocurrency is all about and how it protects citizens from a government takeover of their finances. And it’s in this tweet; he reveals how much of his net worth is invested in BTC.

Currently, Bitcoin is on a tear, trading above $18,000 for the first time since December 2017. And unlike the past bull run where the coin peaked at $20,000, there seems no sign of slowing down this time around thanks to several factors. Now there is less overhype of people being unaware of what the cryptocurrency is all about. It seems there is growing acceptance for cryptocurrencies, and this is evident among institutional investors who have been investing in the industry heavily. According to Pliego, who is the 166th richest man globally, institutional adoption has been picking steam slowly since the launch of the Graysale’s Bitcoin Investment Trust launched back in 2016.

Retail Investors Are Interested Too

It’s not only institutional investors excited by Bitcoin, but even retail investors are trying to get in on the action to ensure they don’t miss out. According to Google trends, the number of people searching how to invest in Bitcoin on platforms like Liber Ltd has peaked. Unlike conventional cryptocurrency exchanges where you can buy the asset itself and hold to it, waiting for the price to rise before you sell for a profit, a platform like Liber Ltd allows one to trade CFD products for various financial instruments like cryptocurrencies.

This means you don’t have to buy the underlying asset itself and have to worry about storing it and dealing with other inconveniences that come with storing the asset, like losing money if its price drops. On Liber Ltd, you can speculate on the price of BTC and other cryptocurrencies and profit whenever the prices rise or fall. And if you trade using the platform’s Libfx token, get discounts. Libfx is an ERC-20 standard token with a total supply of 35,000,000. Not only is it used for payment on the trading floor, but it also offers its users access to special promotion programs and rights to purchase the company’s stock once listed on the exchange floor. It was listed on by the end of August and immediately gained traction, trading as high as $79.

Other Wealthy Individuals Don’t Want To Miss Out

Now it turns other wealthy individuals don’t want to miss out on the latest boom. According to a recent survey by Devere Group, a large independent financial advisor, 73% of millionaires plan to invest in crypto coins such as BTC, ETH, and XRP by the end of 2022. A majority of that group was already invested in digital assets, according to the firm.

The study comprises over 700 high net worth individuals based worldwide with investable assets of over $1 million and who were part of the firm’s client base. According to Nigel Green, who is the founder of Devere Group, the recent rally that sees BTC up 125% since the start of the year has been difficult for wealthy investors to ignore since now there is a growing acceptance that cryptocurrencies are the future of money and these individuals don’t want to miss out.

Green believes the recent price gains in BTC have something to do with increased interest from institutional investors, including some Wall Street banks that are “capitalizing on the huge returns the asset is currently offering.”

PayPal’s decision to allow its users to buy, sell, and hold crypto coins such as BTC is another reason why Bitcoin is witnessing massive gains. This has inspired several famed hedge fund managers to claim that BTC has the potential to outperform gold as an alternative currency. In terms of price, at $18,000, BTC is ten times the price of gold, but when it comes to market capitalization at $330 billion, the Bitcoin market is just a fraction of the Gold market valued at over $9 trillion.

Celebrities Are Getting In On The Action

Recently, Rapper Logic revealed that he had invested $6 million in Bitcoin last month. The ISIS rapper made the revelation through Instagram stories on his account. However, there is no way to substantiate if there is any truth to this matter. Still, if it’s valid and assuming he made his investment at the beginning of the last month with BTC trading around $10,550, then his portfolio could now be worth $10 billion.

Maisie Williams is another celebrity that has revealed she is invested in BTC. In a recent tweet, she wonders if she should go long or short on the cryptocurrency.

This author could be anybody, but he/she is not a member of staff and opinions in the article are solely of the guest writer and do not reflect Coingape's view.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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