A Mexican billionaire increases his exposure to Bitcoin to 70%
Mexican entrepreneur Ricardo Salinas has increased his exposure to Bitcoin from 10% to 70% in the last four and a half years.
Ricardo Salinas, founder and president of the Mexican conglomerate Grupo Salinas, said that 70% of his investment portfolio is now allocated to Bitcoin-related assets, up from 10% in 2020.
In statements to Bloomberg on March 4, Salinas said he is "quite involved" in the Bitcoin space.
BTC83,997 €, and the remaining 30% of his investments are in gold and gold miners.
“That's it. I don't have a single bond, and I don't have any other stocks.”
The 70% allocation to Bitcoin presumably excludes the shares of his company, Grupo Elektra SAB de CV, which has a market capitalization of 75.150 billion Mexican pesos ($3.640 billion), according to Google Finance data.
Salinas referred to Bitcoin as the "hardest asset in the world," pointing out Bitcoin's fixed supply cap. He recommended investors dollar-cost average - buying small amounts of BTC - over the long term.
“Buy all you can. It’s not going anywhere except up because the dynamics are such that it is the hardest asset in the world.”
"Not even gold is that hard. Your gold inflates about 3% a year through additional production from the mines. Bitcoin doesn’t," Salinas added. "Never sell it."
Salinas, who boasts a net worth of $4.6 billion, has increased his exposure to Bitcoin since November 2020, when he said that 10% of his liquid portfolio was invested in Bitcoin.
The billionaire said that his allocation increased to 60% at the Bitcoin Conference in April 2022.
At the conference, Salinas told Cointelegraph in an interview that former Grayscale CEO Barry Silbert changed his perspective in 2012 or 2013 and made his first investment in Bitcoin when it cost $200.
Salinas has been looking to make one of the subsidiaries of his company, Banco Azteca, the first Mexican bank to accept Bitcoin since at least 2021; however, he has faced regulatory battles in that effort.
His comments about Bitcoin came as he revealed his plan to spin off the financial services and retail firm Grupo Elektra from Grupo Salinas to allow him to manage that business as he wishes.
