Recently in a tweet, Ricardo Salinas Pliego has shown in his statement that 10% of his wealth is in Bitcoin. Ricardo Salina is the founder and CEO of Grupo Salinas( a collection of companies) dealing in the retail and broadcasting business.
Ricardo Salinas Craze for Bitcoin
Mr. Ricardo is the third richest man in Mexico. His wealth accumulates to a net worth of $15.8 Billion. According to his statement, 90% of his wealth is obviously valuable minerals.
Apparently, the billionaire began investing in bitcoin when its price was at $18000. Since then it has risen 95% but is still at 45% following the recent September crash.
His announcement comes at a time when Latin American countries are facing terrifying hyperinflation. In another video tweet, he is shown saying that government-issued money is worth nothing.
According to him, Bitcoin shields citizens from control seizure. However, he urged people to experiment with different investments. Just recently, before the current tweet, Ricardo gives a statement that his bank Banco Azteca is working on becoming the first in North America to accept cryptos.
Investors looking to protect themselves from government seizure and inflation are shifting to other assets like gold. Now bitcoin is getting its place as digital gold.
Bitcoin’s Adoption and what does really Translate to?
2021, has seen Bitcoin receive a lot of aid from many national businesses such as Tesla and Square(SQ). Governments have also begun taking a strong interest in Bitcoin.
Just recently, El Savador named Bitcoin a legal tender in its economy. Also, Ukraine is seen to be looking into the probability of making Bitcoin a legal tender too. Now Bulgaria seems to be the next in line in this trend having gained 215000 BTC in their holding.
Microstrategy made another 5050 BTC purchase just the other day. This added to its holding to reach 114000 BTC. The American Multi-Cinema(AMC) company is the newest to receive bitcoin and other cryptos for their payments.
Individuals like Mike Novogratz have become Bitcoin enthusiasts. Novogratz’s wealth net amounts to around 85% in crypto.
With such a quick approval rate in just one year, it is clear to say that bitcoin is the future of business speculations and payment. Moreover, Paypal, Square, google pay and other payment choices have embraced bitcoin and other cryptos into their space.
Recently, over 42000 Bitcoin ATMs have been found in the US alone. This shows that as the need for crypto is increasing, there is also a need to make Bitcoin more accessible to its users.
Conclusion
The cryptocurrency industry has a promising future. Critics like Wallet Investor predict that BTC will have a price of $194,150 in the next five years. Given the current speed of approval, this forecast is heavily conservative.
More daring predictions have set BTC at $100,000 by the end of 2021.
This is why billionaires like Ricardo are getting a lot of it. They are willing to add and hold as much as they can for a longer duration of time.