Billionaire Ricardo Salinas Puts 70% of His Wealth Into Bitcoin

Ricardo Salinas, a Mexican billionaire now has boosted investment in Bitcoin (BTC) and has put around 70% of his investment portfolio in Bitcoin-related assets. The founder and chairman of Grupo Salinas, Salinas has been an outspoken advocate of Bitcoin and has steadily built his stake since 2020.

Salinas Confirms Heavy Bitcoin Allocation

In an interview with Bloomberg on March 4, Salinas confirmed that Bitcoin now makes up the majority of his portfolio.

“About 70% of my portfolio is in Bitcoin-related assets, with the remaining 30% in gold and gold mining stocks,” he stated. “I don’t hold any bonds or other stocks apart from my own.”

Salinas previously revealed that in 2020, only 10% of his liquid assets were allocated to Bitcoin. By April 2022, he stated at the Bitcoin Conference that his allocation had increased to 60%. His continued investment in Bitcoin reflects his belief in its long-term value.

Salinas Calls Bitcoin the “Hardest Asset in the World”

Salinas has been an advocate for Bitcoin’s scarcity, referring to it as the “hardest asset in the world” due to its fixed supply. He contrasted Bitcoin with gold, explaining that new gold production increases supply by about 3% per year, whereas Bitcoin remains capped at 21 million coins.

“Get as much as you can. Its value is only set to rise because it’s the toughest asset out there,” he said. “Even gold isn’t this scarce. Gold supply increases by about 3% annually due to mining, but Bitcoin remains fixed,” he added. “Hold onto it forever.”

Salinas entered the Bitcoin market in 2012 or 2013 by buying Bitcoin for around $200 per coin. He attributes his introduction to cryptocurrency to former Grayscale CEO Barry Silbert.

Plans for Grupo Elektra and Bitcoin Banking

Salinas’ Bitcoin strategy aligns with his plans to restructure Grupo Elektra, Grupo Salinas’ flagship property, a major financial services and retail company. The move is part of actions he has recently undertaken to delist Grupo Elektra from public markets so that he can take stronger control of its operations.

The billionaire has also studied how Bitcoin could fit into a traditional banking system. Since 2021, he has been seeking to make Banco Azteca, a Grupo Salinas subsidiary, the first bank in Mexico to accept Bitcoin. However, the progress on this initiative has been held back by regulatory hurdles.

A Longtime Bitcoin Advocate

With an estimated net worth of $5.8 billion, Salinas has always backed Bitcoin as a hedge against inflation and traditional financial vulnerability. However, he advocates for long-term investment strategies such as dollar cost averaging wherein investors buy small amounts of Bitcoin over time.

With his latest move to allocate 70% of his wealth to Bitcoin, Salinas further establishes himself as one of the most prominent Bitcoin advocates in the financial world.