Bitcoin Gets Another Boost, Courtesy Of This Mexican Billionaire

A Mexican billionaire named Ricardo Salinas Pliego has endorsed Bitcoin investing.

Salinas — who founded and manages the conglomerate Grupo Salinas and is worth almost $16 billion — touted the upside possibility of bitcoin recently.

“Bitcoin is the new gold,” tweeted the billionaire this Sunday.

“#Bitcoin is the best way to diversify your portfolio, and I believe that any investor should study cryptocurrencies,” said another of his English tweets. He also mentioned inflation as the “silent killer” and stressed that his bank would seek to give bitcoin services to “keep promoting freedom.”

“The secret of #Bitcoin investing is to buy now and not sell,” reads another one of his tweets. “Only sell with a direct reason or necessity… and if you do things well, the latter won’t be an issue.”

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Salinas — along with others like software businessman Michael Saylor and Salvadoran President Nayib Bukele — included glowing eyes in their Twitter profile picture, a popular thing among people in the cryptocurrency space. With investors like Mark Cuban and Tim Draper doing the same and who are also bullish on the new asset.

Many view Bitcoin — a cryptocurrency that is virtual and is transmitted through blockchain technology — as an alternative to fiat money, which get their value from official government endorsement.

Commodities like silver and gold have traditionally worked as hedges against inflation. More recently, investors have looked at Bitcoin as a new method to safeguard their eroding government-backed money.

Under President Bukele, El Salvador recently announced it would be the first country to use Bitcoin as tender. The small Central American nation does not have its own own; it uses the U.S. dollar, which has been suffering from inflation as the Fed pushes its quantitative easing.

In April, Bitcoin went past the price of $60,000. In June, however, the price dropped under $30,000 after China’s government announced it would discourage the use of cryptocurrencies. Currently, Bitcoin is trading for around $35,000.