Mexican billionaire Ricardo Salinas Pliego has advised investors to put their money into bitcoin.
Salinas who is the third richest man in Mexico advised this due to the rate at which the Fed is printing dollars.
Inflation rates have soared in the past year and are expected to continue doing so.
Pliego has grown increasingly critical of the rate at which the Fed has been printing money. He had posted a chart that showed the total weekly value of the Federal Reserve’s assets. The chart was updated to November 18th and showed that the Fed held a total of more than $8.67 trillion dollars.
This did not sit right with Salinas, who criticized the United States for behaving like an irresponsible third-world country.
He advised investors to put their money into bitcoin to be safe. The billionaire has always been bullish on the asset and holds a personal position in bitcoin himself.
Pliego holds 10% of his wealth in bitcoin and believes that every portfolio should have bitcoin in it.
“I’ve invested a lot of time studying it, and I think that it’s an asset that should be part of every investor’s portfolio,” the billionaire said. “It’s a valuable asset, with international value that’s traded with enormous liquidity at a global level. And that’s reason enough for it to be part of any portfolio. Period.”
Although bullish sentiment abounds around the digital asset, Bitcoin has continued to suffer dips in the market. In the early hours of Friday, the pioneer cryptocurrency plunged swiftly and landed in the $54K range. This is the first time since October that the asset has traded in this range, marking a continuation of the downward correction that began after hitting its $69K all-time high.
If the asset continues to plunge, the market may see a retest of the $50,000 price point. In which case, further downside may be expected from the cryptocurrency. This plunge has also brought the market down with it, as the total market cap saw about $200 billion wiped out in a matter of hours.
BTC’s $54,000 at a time bulls were hoping for the digital asset to break past $60,000 is a source of worry once again. The road to $70K looks a lot longer after the digital asset broke past the critical support point of $58,400.