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Mexico’s second-richest man, Ricardo Salinas Pliego, has revealed that he has 10% of his “liquid assets” invested in Bitcoin (BTC).

The billionaire shared a video shot in “a Latin country” that shows a bank throwing trash bags full of banknotes into a trash bin. He claimed that “paper money is worthless,” adding: “That’s why portfolio diversification is always good.”

The video shows what appear to be Venezuelan bolivars, including 10,000 bolivars issued in 2016 and 2017, after Venezuela redenominated the bolivar in 2018 amid a deepening inflation crisis.

Three hours later, Pliego then recommended the book “The Bitcoin Model” on Twitter, claiming that “Bitcoin protects citizens from government expropriation of their property,” and revealed his cryptocurrency investment.

According to a translation provided by Google, the tweet reads: "Today I recommend the book Bitcoin Patterns, which is essential to best understand Bitcoin. Bitcoin protects citizens from government expropriation of their property. Many people ask me if I own Bitcoin, and yes, I invest 10% of my liquid assets in Bitcoin."

Crypto Twitter happily responded to the news that the world's 166th richest man has invested heavily in Bitcoin, with Kraken's Dan Held declaring that "the institutional community is picking up the pace."

Pliego echoed Held's statement, saying that institutional Bitcoin adoption has gradually emerged since the launch of Grayscale's Bitcoin Investment Trust in 2016.

The billionaire also noted that the remaining 90% of his liquid assets are invested in "precious metal miners."

Born in Mexico City in 1955, Pliego is the founder and chairman of Grupo Salinas, which operates in media, telecommunications, financial and retail businesses.

Pliego is also the chairman of Azteca TV, the second largest Spanish-language programming company in the world and the second largest media company in Mexico.