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In a recent Kitco News interview, Salinas Ricardo Pliego, the founder and chairman of Grupo Salinas and Mexico’s third-richest individual, has intensified his Bitcoin acquisitions.
Bitcoin is currently priced at $104,900, having decreased over 6% from its peak of $112,000. Pliego remains unfazed by the decline. He’s accumulating while others linger.
Pliego Increases Bitcoin Holdings
He currently possesses around 70% of his assets in Bitcoin. According to reports, he raised that percentage once more last week. Although he did not disclose exact numbers, he described it as a “significant increase.” He does not wait for the ideal price. He merely aims to acquire more coins in his wallet before the next phase.
Market Decline Viewed As Purchase Opportunity
Bitcoin’s downturn followed Middle East turmoil unsettling the markets. However, Pliego insists his actions are unrelated to war updates. He perceives every decline as a buying opportunity. Other significant investors are adopting the same strategy. This pattern results in fewer coins transferring between wallets and exchanges. On-chain data indicates wallet balances for major holders are rising even as prices decrease.
Arguments for Inflation Protection
Pliego has cautioned that fiat money depreciates with time. He highlighted that the US dollar has lost approximately 90% of its purchasing power over the last four decades. He echoed Strategy’s Michael Saylor by asserting that Bitcoin serves as a safeguard against currency devaluation. Pliego even authored a book, “The Bitcoin Enlightenment,” where he posits that cryptocurrency signifies the conclusion of fiat.
Long-Term Perspective Remains Positive
The magnate acknowledges that Bitcoin can fluctuate dramatically with major economic announcements. He advised holders to look beyond short-term charts. “Concentrate on the ultimate direction of this asset,” he told Kitco News.
He is not alone in this view. Coinbase CEO Brian Armstrong believes that countries will possess more digital assets than gold in the future. This notion provides Pliego with considerable assurance.
Image: BCB Group
Investing Heavily in Crypto
Pliego has hinted he might eventually invest all his assets in cryptocurrency. This would involve allocating every peso he possesses into crypto. It’s a daring strategy. It’s also risky, given the historical volatility of crypto assets, which can vary by 5-10% within a day. Nonetheless, his opinion holds considerable influence. When a billionaire invests heavily, others tend to notice.
Salinas Ricardo Pliego is making a significant investment in Bitcoin’s future. He’s purchasing at $104,701, despite a 6% decrease. He views Bitcoin as a means to evade inflation and gain an advantage.
For the moment, he’s accumulating sats and encouraging others to join him. If his gamble proves successful, early investors could enjoy substantial rewards. If not, they might face significant losses. Either way, Pliego’s actions demonstrate that confidence in Bitcoin is robust among the wealthiest investors.
Featured image from Unsplash, chart from TradingView
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