The Mexican billionaire believes the price of BTC will rise further in the long term, stating on Twitter that those who “buy and hold” his assets “will thank you later”.
Bitcoin dropped to $37,300 on Monday before rebounding just above $38,000.
Ricardo Salinas Pliego, the third richest Mexican billionaire, said that the current drop in Bitcoin prices is to buy more BTC and not sell.
According to the billionaire, when prices drop like they did with Bitcoin’s recent drop below $40,000, it’s time to carry more cryptocurrencies. Investors, he noted in a tweet, will be better off hoarding than selling.
Salinas, founder of Mexico’s second-largest television network, TV Azteca, and business conglomerate Grupo Salinas, noted:
“You have to buy bitcoin (keep buying when the price is low), so keep your BTC, forget about selling… trust me, you’ll thank me later.”
Salinas was bullish on Bitcoin before, noting in December 2021 that fiat money was “fake” and “paper lies”.
Bitcoin price drops below $38K
The billionaire’s comments come at a time when Bitcoin has seen its value plummet in recent weeks after a bounce failed to gain momentum above $45,000. At the time of writing, the cryptocurrency is trading near $38,780, with intraday prices hitting lows of $37,300.
The bounce above $38,000 puts Bitcoin in a key support and resistance zone that one analyst is watching closely.
According to pseudonymous trader Credible Crypto, the week may see BTC-USD remain shaky, but a positive resolution from consolidation is possible. Otherwise, he noted, BTC is likely to hit lows of $36,200 and likely invalidate the bullish scenario.
“It will be a slow week in my opinion as we are stuck between key support (38-39k) and key resistance at 41-42k. I suspect we moved a little between these two levels, but eventually we resolved this consolidation to the upside. The hard invalidation for this idea is a 36.2k tap. “