Buy Bitcoin and Forget About Selling
Mexican billionaire Ricardo Salinas Pliego has again shown his support for Bitcoin. On this occasion, he has advised investors to buy Bitcoin (BTC) and not sell the cryptocurrency.
Pliego is a Mexican businessman, and chairman of Grupo Salinas. So why do crypto enthusiasts defer to Pliego’s advice? Because he made his wealth through innovative thinking.
In 1987 Pliego took over from his father as the CEO of Grupo Elektra. Originally, it was a family-owned furniture manufacturing company, founded in 1906 by Pliego’s great-grandfather. When Pliego took the helm, he brought innovative thinking to the party. He refocused Elektra on basic products like furniture, appliances, and electronics. Then he hit the new middle classes in Mexico, offering them credit, and then after that, diverse financial products and services. Pliego’s strategy was to build new markets by creating buying power among classes ignored by other Mexican businesses. Now Pliego’s company has interests in telecommunications, media, financial services, and retail stores.
Pliego is the third-richest person in Mexico. And, the 172nd richest person in the world. It is estimated he has $13.6 billion to his name.
Ricardo Salinas Pliego and Bitcoin
A tweet posted on Saturday, February 19 caught the billionaire’s eye. The tweet claimed that investors should not sell their BTC to whales.
Salinas Pliego responded:
“You have to buy #bitcoin (keep buying when the price is low), then just hold your #btc, forget about selling… trust me you’re going to thank me later.”
A strong commitment to Bitcoin
Ricardo Salinas has repeatedly stated his position in favor of Bitcoin compared to fiat money. The billionaire has always pointed out the reasons for his stance. These reason include the transparency of cryptocurrencies, the incentives to save, as well as greater macroeconomic stability.
The Mexican billionaire has also stressed on several occasions that investors should buy Bitcoin while getting rid of fiat money in any currency since central banks “are overprinting” money:
“It is not in the interest of governments to promote the use of Bitcoin as a store of value. However, we can make it extremely easy if we were allowed. At the moment this is not allowed, or perhaps tell me about a regulator or banker who facilitates access to cryptocurrencies.”
The billionaire recently announced that the Elecktra group will integrate The Lightning Network into its Bitcoin payment service, further strengthening the adoption of the world’s most popular cryptocurrency in the Aztec nation.
Pliego and Mexico
As time goes by, a greater number of retail and institutional investors bet on cryptocurrencies. The Elektra group’s latest promotion screamed: “Use your BTC and enjoy an additional 20% discount!”
In June 2021, Ricardo Salinas Pliego openly recommended the use of Bitcoin in Mexico. He said that one of his companies, Banco Azteca, was working on a financial scheme that would allow him to accept cryptocurrencies as a payment method, at a time when he updated his Twitter photo with Bitcoin lasers.
Billionaires and celebs seem to like cryptos quite a lot. Entrepreneurs like Elon Musk, Michael Saylor, Mike Novogratz have all made their mark on the crypto ecosystem.
As Salinas Pliego recently noted:
“Central banks are the sacred temple of bureaucrats. Fiat money is the religion of their high priests, and since they make a good life out of that religion, they don’t want to let it lose under any circumstances.”
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