Mexican Billionaire Says Buy Bitcoin While Price Is Still Low

Mexico's third-richest billionaire Ricardo Salinas Pliego has advised buying Bitcoin, the world's largest cryptocurrency by market capitalization, while its price is still low.

Taking to Twitter on Saturday, Pliego said, "You have to buy #Bitcoin (keep buying when the price is low), then just hold your #BTC, forget about selling … trust me you’re going to thank me later."

Bitcoin has dropped over 40% since it touched the record-high of about $69,000 in November last year. Many investors have aired advise since then to buy the dip. As of 12.11 a.m. ET Monday, BTC was trading 0.90% lower at $39,270, CoinMarketCap data showed.

Pliego is the founder and chairman of Grupo Salinas, a group of companies working in telecommunications, media, financial services and retail stores. He is worth than $13 billion, according to Forbes’ list of billionaires.

This is not the first time Pliego has recommended buying Bitcoin. In June last year, he had tweeted, "Sure, I recommend the use of #Bitcoin, and me and my bank are working to be the first bank in Mexico to accept #Bitcoin."

He also announced in December his company became the first retail store in Mexico to accept Bitcoin payments.

Pliego has often attacked fiat currency as well. He called government-backed paper money, or fiat, a "fraud" and instead suggested every investor should own Bitcoin.

“Stay away from fiat money. The dollar, the euro, the yen, or the peso — they are all the same story. It’s fake money made of paper and lies. The central banks are printing more money than ever before. Invest in Bitcoin," he had said in December.