Mexican Billionaire Goes ‘All In’ on Bitcoin

In a bold financial move, Mexican entrepreneur Ricardo Salinas has declared that he is now ‘all in’ on Bitcoin, allocating a remarkable 70% of his investment portfolio to the cryptocurrency. This significant increase from just 10% in 2020 highlights Salinas’ growing confidence in Bitcoin as a leading asset.

Salinas’ Journey with Bitcoin

Salinas, the founder and chairman of the Mexican conglomerate Grupo Salinas, first ventured into Bitcoin approximately 12 years ago when he purchased it at a mere $200. Over the past four and a half years, he has dramatically increased his exposure to Bitcoin, showcasing his belief in its long-term potential. During an interview with Bloomberg on March 4, Salinas expressed that he is now ‘pretty much all in’ on Bitcoin, while the remaining 30% of his investments are diversified into gold and gold mining stocks.

Bitcoin: The Hardest Asset

Salinas has referred to Bitcoin as the ‘hardest asset in the world,’ emphasizing its fixed supply cap as a key factor in its value proposition. He argues that unlike gold, which can be inflated by about 3% annually due to new production from mines, Bitcoin remains unaffected by such inflationary pressures. ‘Never sell it,’ he advises potential investors, urging them to consider buying small amounts of BTC over a longer term.

Future Plans and Regulatory Challenges

In addition to his Bitcoin investments, Salinas has ambitious plans for his banking subsidiary, Banco Azteca. He aims to make it the first Mexican bank to embrace Bitcoin, although he has encountered regulatory hurdles in this pursuit. His comments on Bitcoin come as he prepares to separate Grupo Elektra from Grupo Salinas, allowing him greater control over the financial services firm and retailer.

Community Engagement and Bitcoin Advocacy

Salinas is not just a passive investor; he actively engages with the Bitcoin community. In a recent social media post, he conveyed greetings to his followers and shared well-wishes from fellow Bitcoin advocate Michael Saylor, ahead of Saylor’s upcoming Bitcoin conference in Miami. This engagement underscores Salinas’ commitment to promoting Bitcoin as a viable investment option.

Conclusion: A Strong Advocate for Bitcoin

Ricardo Salinas’ decision to allocate 70% of his portfolio to Bitcoin is a testament to his unwavering belief in the cryptocurrency’s potential. As he continues to advocate for Bitcoin and navigate regulatory challenges, his journey serves as an inspiration for investors looking to explore the world of digital assets. With Salinas leading the charge, the future of Bitcoin in Mexico looks promising.