Nexo

Start Earning Up to 16% Interest Automatically

Learn More
Home » People » Mexico’s 3rd Richest Man Reveals BTC Holdings as Bitcoin Breaches $18,000

Mexico’s 3rd Richest Man Reveals BTC Holdings as Bitcoin Breaches $18,000

by

Bitcoin’s swift rise from $14,000 to $18,000 this month raises volatility concerns, but wealthy investors continue to add BTC. 

Mexico’s 3rd Richest Man Reveals BTC Holdings as Bitcoin Breaches $18,000
Shuttstock cover by Lukasz Stefanski

Key Takeaways

  • Bitcoin’s three-day gains topped 15%, as BTC breached both the $17,000 and $18,000 mark in less than 24 hours.
  • Bitcoin continues to show strength over the US dollar along with a continued rise in institutional interest.

Share this article

Bitcoin’s price rose over $1,500 since yesterday as it topped $18,425 on Coinbase, logging a 157% gain, year-to-date. It dropped below the $18,000 just as quickly to $17,500. 

BTC’s attempts to establish short-term support raises volatility concerns. 

BTC/USD daily price chart on Coinbase. Source: Trading View

Nonetheless, BTC remains the top choice of hedge funds, institutions, and wealthy individuals, as the dollar edges lower. 

Bitcoin Enters Institutional Accounts 

Another billionaire has joined the Bitcoin club. Mexico’s third-richest man, Ricardo Salinas Pliego, is a believer in Bitcoin and recently revealed that 10% of his liquidity is held in the orange coin. 

With a net worth of $13.2 billion, Pliego owns the largest media conglomerate in Mexico and is ranked 110th among the world’s richest men. Pliego also preached that Bitcoin is necessary for protection against “government expropriation.” 

Further, SkyBridge Capital, a billion-dollar hedge fund, filed an SEC prospectus dated Nov. 13 for trading in “digital assets,” suggesting an upcoming BTC purchase. 

Currently, 15 publicly traded companies in the U.S. hold Bitcoin reserves. Lastly, Grayscale’s $10 billion AUM is clear evidence of Bitcoin’s preference among accredited investors. 

Along with fund managers, top analysts are bullish on Bitcoin as well. America’s fourth-largest bank recently plastered a highly bullish target of over $300k. Moreover, the views of leading economists like Ray Dalio have changed as well. 

The basis of these institutions’ investments and analyses are common: the debasement of the U.S. dollar, hedging against inflation, and insurance against economic uncertainty. 

Bitcoin vs. the US dollar in 2020. Source: TradingView

The devaluation of the dollar currently ranks top among investors’ concerns. The greenback is slowly entering into negative territory from the start of 2020. 

The value of USD futures has dropped 3% since the beginning of November, trading at $30.24. Whereas Bitcoin broke past four $1,000 levels starting with 14,000, crossing 30% in the same period.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.