It has been reported that the billionaire shared a video captured in “a Latin country” depicting banks throwing out garbage bags filled with paper money into a dumpster.
Para iniciar con el #Bitcoin, les comparto un video tomado en un país latino donde los bancos tiran el dinero a la basura (el papel moneda no vale nada) es por eso que siempre es bueno diversificar nuestro portafolio de inversiones 😌. Esto es la expropiación inflacionaria! 🤦🏻♂️ pic.twitter.com/ahblQW6AhO — Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020
He asserted that “paper money is worth nothing.”
“That is why it is always good to diversify our investment portfolio.”
However, the video appears to show bags of Venezuelan bolivars being thrown out by including 10,000 bolivar notes issued in 2016 and 2017 before the country redenominated its banknotes in 2018 amid an escalating inflation crisis.
The report said that three hours later, Pliego tweeted a recommendation for the book The Bitcoin Standard, asserting that “Bitcoin protects the citizen from government expropriation” and revealing his cryptocurrency investment.
Hoy les recomiendo EL PATRÓN BITCOIN, este libro es el mejor y más importante para entender #Bitcoin. El Bitcoin protege al ciudadano de la expropiación gubernamental. Muchas personas me preguntan si tengo bitcoins, SÍ. Tengo el 10% de mi portafolio líquido invertido en el 😌💵 pic.twitter.com/6LtFVCXvuA — Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020
According to a translation provided by Google, the tweet states:
“Today I recommend THE BITCOIN PATTERN, this book is the best and most important to understand Bitcoin. Bitcoin protects the citizen from government expropriation. Many people ask me if I have Bitcoins, YES. I have 10% of my liquid portfolio invested.”
Likewise, Crypto Twitter reacted to the news that the world’s 166th-wealthiest citizen is significantly invested in Bitcoin, with Kraken’s Dan Held proclaiming, “The institutional herd is stampeding.”
Pliego responded to Held by saying that institutional adoption had manifested gradually since the launch of Grayscale’s Bitcoin Investment Trust in 2016.
Dan, I love your newsletter (to which I subscribe) Here some clarifications on my post: 10 % of "liquid portfolio" in BTC…not of my net worth! The other 90% is in precious metals miners. For me it's no "stampede", started with Grayscale at 800 dlls BTC in 2016. Ricardo S. — Ricardo Salinas Pliego (@RicardoBSalinas) November 18, 2020
Thus, the billionaire also noted that the remaining 90% of his liquid portfolio is invested “in precious metals miners.”