Mexican Billionaire Bets Big on Bitcoin
1min read Mexican billionaire Ricardo Salinas has revealed that he has allocated 70% of his investment portfolio to bitcoin and bitcoin-related assets. The prominent bitcoin advocate disclosed this in a recent interview, stating that the remaining 30% of his portfolio consists of gold and shares in his own companies. Salinas, whose net worth is estimated at $4.8 billion, has significantly increased his bitcoin exposure from 10% in 2020.
Salinas, the owner of Mexican conglomerate Grupo Salinas, has been a vocal supporter of bitcoin. He plans to make his bank, Banco Azteca, the first in Mexico to accept bitcoin. The revelation comes as Salinas aims to delist his flagship firm, Grupo Elektra, from public markets, stating that this move will free him from shareholders and allow him to run the business as he wishes.
Despite facing turbulent times recently, with Grupo Elektra's share price plummeting 70% last year and wiping out nearly $5 billion of his fortune, Salinas remains defiant. He is locked in legal battles with the Mexican government over alleged unpaid taxes but remains committed to bitcoin as a core pillar of his financial strategy. Salinas has emerged as one of Latin America's most influential bitcoin proponents.
Salinas' vocal support further validates bitcoin's prospects as a long-term store of value. If his bet pays off, the billionaire could cement his legacy as one of the earliest corporate champions of bitcoin. His increased exposure to bitcoin-related assets demonstrates his confidence in the cryptocurrency's potential and his willingness to take on risk in pursuit of long-term gains.
