Mexico’s Third Richest Man Reveals BTC Holdings as Bitcoin Breaks $ 18,000

The central theses

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

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Bitcoin’s price is up over $ 1,500 since yesterday when it topped $ 18,425 on Coinbase and is up 157% year-to-date. It fell below $ 18,000 to $ 17,500 just as quickly.

BTC’s attempts to put in place short-term support raise volatility concerns.

BTC / USD daily price chart on Coinbase. Source: Trade view

Nonetheless, BTC remains the first choice for hedge funds, institutions, and wealthy individuals as the dollar plummets.

Bitcoin enters institutional accounts

Another billionaire has joined the Bitcoin club. Mexico’s third richest man, Ricardo Salinas Pliego, believes in Bitcoin and recently announced that 10% of its liquidity will be held in the orange coin.

With a net worth of $ 13.2 billion, Pliego owns the largest media conglomerate in Mexico and ranks 110th among the richest men in the world. Pliego also preached that Bitcoin was necessary to protect against “state expropriation”.

Today I recommend THE BITCOIN PATTERN, this book is the best and most important to understand #Bitcoin.

Bitcoin protects the citizen from state expropriation.

A lot of people ask me if I have bitcoins, YES. I have invested 10% of my liquid portfolio in the 😌💵 invested

– Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020

Additionally, SkyBridge Capital, a multi-billion dollar hedge fund, has one SEC prospectus dated Nov. 13 for trading “digital assets,” suggesting an upcoming BTC purchase.

Currently 15 listed companies in the US hold Bitcoin reserves. Finally, Grayscale’s $ 10 billion under management is clear evidence of Bitcoin’s preference among accredited investors.

In addition to fund managers, top analysts are also optimistic about Bitcoin. America’s fourth largest bank recently opened a very bullish target of over $ 300,000. In addition, the views of leading economists are like Ray Dalio have changed too.

The bases of the investments and analyzes of these institutes are common: the devaluation of the US dollar, the hedge against inflation and the hedge against economic uncertainty.

Bitcoin vs. US dollars in 2020. Source: TradingView

The Devaluation of the dollar ranks first among investor concerns right now. The greenback is slowly moving into negative territory from the beginning of 2020.

The value of USD futures has fallen 3% since early November and is now at $ 30.24. While Bitcoin broke the four $ 1,000 marks starting at 14,000 and topped 30% over the same period.

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