Businesses and institutional investors have become close to bitcoin (BTC) for the past few years, no question. That behavior was demonstrated again this Tuesday after the Mexican billionaire, Ricardo Salinas Pliego, revealed that he maintains positions in the first cryptocurrency.
The magnate revealed that his liquid investment portfolio is 10% composed of bitcoins, but without disclosing the amount of crypto assets you own or what that equity represents in dollars, for example.
A liquid portfolio is one that is made up of assets that are immediately available as cash or balance in bank accounts.
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 in the 😌💵 pic.twitter.com/6LtFVCXvuA
– Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020
«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 in it “, was the message shared by Salinas on the social network.
Multi-million dollar investment in bitcoin
In response to one of his followers who shared the message, the businessman made it clear that the 10% invested corresponds to his liquid portfolio and not his total net worth. The other 90% of this portfolio is held in precious metal mining.
According to a report by Forbes magazine, the tycoon’s total fortune would be about $ 11.7 billion with investments in different fields such as banking, entertainment, retail and telecommunications.
The executive also referred to institutional or corporate investments that have come to bitcoin. In the same response to his follower, Salinas Pliego denied that there is currently a “stampede” of companies towards the cryptoactive.
For the billionaire, the “stampede” began in 2016 with Grayscale investing 800 million dollars. In a post released Monday, Grayscale reported that its fund, the Grayscale Bitcoin Trust, now holds more than 500,000 bitcoins, which is equivalent to about 9,000 million dollars with the current price of BTC.
On institutional investments in bitcoin, the market analyst, Willy Woo, recently pointed out that BTC is already a long-term safe-haven asset for investors, according to a report published in CriptoNoticias. In addition, a study conducted by the firm Fidelity stated that about 80% of institutional investors find digital assets attractive.
In the past, corporate investments in bitcoin were rare. The main argument why the funds were not directing capital to BTC was that it is a volatile asset and that it is still in the process of regulation.