It’s totally fair to say that the institutional investors are finally entering the Bitcoin and crypto-asset markets.<\/p>\n
Bitcoin has seen a strong rally over the past few weeks and months. In the past month alone, the cryptocurrency has gained 50%. It has become increasingly clear that this rally has been driven by the entrance of so-called “smart money,” or capital from institutional players and billionaires.<\/p>\n
It was just revealed that a Mexican billionaire deployed a large portion of his assets into Bitcoin.<\/p>\n
As first spotted in the community by David Puell, a prominent on-chain Bitcoin analyst, the third-richest man in Mexico just revealed he owns a large amount of Bitcoin. The individual, Ricardo Salinas Pliego, purportedly put 10% of his liquid investment portfolio into the cryptocurrency because he sees it as a hedge against government encroachment:<\/p>\n
“Mexico’s third richest man, owner of a media conglomerate, a bank, with the ear of the Mexican President, just disclosed his 10% BTC position, shilling
\n@saifedean’s “The Bitcoin Standard” in the process. ‘Bitcoin protects the common citizen against government expropriation.'”<\/p><\/blockquote>\n\nMexico's third richest man, owner of a media conglomerate, a bank, with the ear of the Mexican President, just disclosed his 10% BTC position, shilling @saifedean<\/a>'s "The Bitcoin Standard" in the process.<\/p>\n
"Bitcoin protects the common citizen against government expropriation." https:\/\/t.co\/DEAUcuxFki<\/a><\/p>\n
— David Puell (@dpuellARK) November 18, 2020<\/a><\/p><\/blockquote>\n