Mexican Tycoon Ricardo Salinas Bets Big on BTC, Calls It Hardest Asset
Despite planning major business restructuring amidst regulatory challenges, Billionaire Ricardo Salinas has chosen to allocate a significant majority of his personal portfolio to Bitcoin.
Salinas Increases Bitcoin Holdings
Mexican billionaire Ricardo Salinas, chairman and CEO of Grupo Salinas, has revealed that Bitcoin now constitutes 70% of his personal investment portfolio. Speaking in an interview with Bloomberg on March 4, Salinas stated he is "pretty much all in" on Bitcoin, with the remaining 30% allocated to gold and gold miners.
The 69-year-old businessman, whose net worth stands at approximately $4.6 billion according to Forbes, has significantly increased his Bitcoin exposure over the past four years. In 2020, he disclosed that 10% of his liquid portfolio was in Bitcoin. This allocation has since expanded to 70%, underscoring his confidence in the asset.
Bitcoin as the Hardest Asset
Salinas is a vocal advocate of Bitcoin, describing it as the "hardest asset in the world." He emphasized Bitcoin's fixed supply cap as a key differentiator from other assets, including gold, which experiences an annual supply increase of approximately 3% through mining.
He stated,
Buy everything you can. Its not going to go anywhere except up because the dynamics are such that it is the hardest asset in the world.
He further advised investors to use a dollar-cost averaging strategy, by purchasing Bitcoin in small amounts over time and then holding on it.
His Bitcoin convictions date back to 2012 or 2013, when he was introduced to the cryptocurrency by former Grayscale CEO Barry Silbert. Salinas made his first Bitcoin investment with $200 and has since maintained a bullish stance on the asset.
Expansion of Bitcoin Strategy
Salinas' increasing Bitcoin allocation coincides with his broader business strategy. He has been seeking to integrate Bitcoin into Mexicos financial ecosystem through Banco Azteca, a subsidiary of his conglomerate. However, regulatory challenges have hindered efforts to make it the first Mexican bank to accept Bitcoin.
Additionally, he has announced plans to delist Grupo Elektra from Grupo Salinas. The move, according to Salinas, would allow him greater operational freedom in managing the business. Grupo Elektra, a financial services and retail firm, currently has a market capitalization of 75.15 billion Mexican pesos ($3.64 billion), according to Google Finance.
Salinas' outspoken support for Bitcoin comes as he faces ongoing legal and tax disputes with the Mexican government. Despite these challenges, he continues to advocate for Bitcoin as a long-term investment, reaffirming his belief in its potential as a store of value.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
