Despite Bitcoin (BTC) maintaining its leading position in the cryptocurrency market to this day, many investors are already choosing other coins. For example, Ethereum (ETH) has attracted a considerable number of users after its recent upgrade, The Merge.
Nevertheless, displacing the world's first cryptocurrency from its legitimate pedestal is not so simple – it continues to be supported by major companies and influential individuals. Just take for instance Ricardo Salinas Pliego, a Mexican billionaire with a fortune of $13.3 billion. He is one of the wealthiest people in Mexico! Recently, he advised to invest in Bitcoin on his X account and even to forsake cash in its favor.
Source: X
Ricardo Salinas against fiat money
In the COVID era, of course, we all shared this position, using electronic payments is better for our own safety. But by 2024, we will still prefer digital money to paper one.
"Stay away from paper money. Whether it's dollars, euros, or yen — it doesn't matter. They're fake money," noted Salinas.
The billionaire stated that Bitcoin is as reliable an investment for him as gold. According to Salinas, BTC should be in every cryptocurrency wallet because it is an "asset with international value."
Why is it worth investing in Bitcoin now?
Ricardo Salinas has been a long-time fan of Bitcoin. He was one of the first businessmen in Latin America to support the development of BTC in its early stages and talk about it on social media. In his recent post on X, the billionaire outlined 4 reasons why investors today should not overlook the world's first cryptocurrency.
- Long-term growth potential
Salinas compares Bitcoin to a promising large company in its early stages of development. The billionaire notes the impressive growth that the cryptocurrency has achieved since its entry into the market to this day. Salinas also says that Bitcoin is capable of changing the global financial system and revolutionizing it.
- Accessibility and liquidity
Starting to invest in Bitcoin is much easier than traditional investment options like funds, real estate, etc. All it takes is to create an account and wallet on one of the available blockchain platforms. Transactions are almost instantaneous, and transfers can be made from anywhere in the world.
- Diversification of investment portfolio
The key to successful investments is a diversified crypto portfolio. To reduce risks, investors need to hold several different assets in their crypto wallet.
- Protection against inflation and devaluation
Bitcoin is a good alternative to fiat with its unlimited issuance. Governments cannot devalue it simply because the final figure of the total amount of mined BTC is already known in advance.
Nevertheless, the billionaire did not forget to mention the risks of BTC.
"In the short term, its value can be extremely unstable. Since it's a relatively new asset, it faces regulatory and market uncertainties. The security of your crypto investments depends on the precautions you take," Salinas wrote.
How to succeed by investing in BTC?
Continuing the discussion on the advantages of Bitcoin in the global market, Ricardo Salinas pointed out how investors should behave when dealing with BTC:
- It's important to be patient. The high volatility of Bitcoin can negatively impact achieving quick results, but in the long run, this asset will be the most successful investment.
- Don't be afraid when the price drops and buy.
- Don't rejoice when the price rises.
Opinion on altcoins
Ricardo Salinas believes that neither Ethereum nor other promising cryptocurrencies will surpass the success of Bitcoin. Specifically regarding Ethereum, the billionaire doesn't trust it because of its "inflationary nature. According to him, since it doesn't have a finite emission amount, the team can issue more, and the asset will depreciate.
Conclusion
Overall, support from major investors like Ricardo Salinas Pliego plays into the hands of the world's first cryptocurrency. The words of the Mexican billionaire carry weight in certain circles, and therefore, other investors will follow his authority. In any case, Salinas's thoughts should not be taken as direct guidance to action. A well-constructed cryptocurrency investment strategy relies on personal experience, information from various sources, independent market analysis, and clear adherence to one's goals.
If you want to learn more interesting facts about crypto then check out our blog! You might like our articles “Uncovering 2024 Tokenless Projects Pt.2” and “The Potential of Blockchain in Intellectual Property Rights”.
