Mexican billionaire Ricardo Salinas Pliego is one of the loudest voices to support Bitcoin (BTC). In fact, he has revealed that he has allocated 80% of his liquid portfolio to the cryptocurre
Mexican billionaire Ricardo Salinas Pliego is one of the loudest voices to support Bitcoin (BTC). In fact, he has revealed that he has allocated 80% of his liquid portfolio to the cryptocurrency.
On July 15, he doubled down on his belief in the leading cryptocurrency when his participation as an anchor investor in ORANGE JUICE HODLINGS was disclosed.
Related: Billionaire with 70% of portfolio in Bitcoin makes bold investment
It is a Connecticut-based permanent capital company that is building a Bitcoin treasury company.
The company announced a capital raise of $40 million to launch a permanent capital company to acquire and permanently own American businesses and at the same time pursue a Bitcoin treasury strategy.
Cash generated by the businesses will be reinvested into acquisitions or the Bitcoin treasury, ORANGE JUICE said.
Salinas expressed his support and remarked, "ORANGE JUICE is built on both — cash flowing companies and a Bitcoin treasury. That is why I am backing this team."
The billionaire said on July 22 that within a week of the company securing $40 million in a raise led by him, "hundreds" of potential investors, business owners, and operators have reached out.
"The world wants an alternative to traditional private equity: solid capital, built on solid money—not government-controlled FIAT garbage."
A strong critic of the fiat currency, Salinas touts Bitcoin as the ultimate hedge against currency devaluation.
A fiat currency can always be printed and hence potentially lose value. Bitcoin, on the other hand, has a limited supply of 21 million coins and can hold its value, proponents like Salinas argue.
BTC/USD, Source: DecibelBitcoin was exchanging hands at $64,823 at the time of writing, as per Decibel.
Related: Top exec at $1.7 trillion Wall Street giant makes bold crypto call
