Mexican Billionaire Boosts Bitcoin Stake to 70%

Mexican billionaire Ricardo Salinas Pliego, founder of corporate conglomerate Grupo Salinas, has revealed that a significant portion of his liquid portfolio is invested in Bitcoin (BTC) and BTC-related assets. With an estimated net worth of $5.8 billion, Salinas is the third-richest man in Mexico and among the top 200 richest people in the world.

In a recent interview, Salinas disclosed that 70% of his liquid investment portfolio is in Bitcoin. The remaining 30% consists primarily of gold, stakes in gold mining firms, and shares in his own businesses. He stated, "I’ve got about 70% in Bitcoin-related exposure and 30% in gold and gold miners. I don’t have a single bond and I don’t have any other stocks except my own."

This allocation is a significant increase from 2020, when Salinas revealed that 10% of his portfolio was in Bitcoin. He had previously stated that the asset "protects the citizen from government expropriation." Upping his holdings highlights his increasing confidence in Bitcoin as a reliable asset for wealth preservation.

Salinas has long been a Bitcoin advocate. In October 2020, he shared a list of book recommendations, including "The Bitcoin Standard" by economist Saifedean Ammous. Not long after, he admitted he held Bitcoin in his portfolio. Since then, he has frequently discussed Bitcoin on social media, even encouraging his followers to invest in the cryptocurrency.

Salinas' decision to allocate a majority of his wealth to Bitcoin comes amidst plans to delist his flagship firm Grupo Elektra and ongoing legal and tax challenges with the Mexican government. His confidence in the cryptocurrency as a safeguard against economic instability is evident in his investment strategy.

As a known BTC proponent, Salinas has previously expressed his support for the cryptocurrency. Four years ago, he stated that he was working to make his bank the first in Mexico to accept Bitcoin. His latest revelation underscores his commitment to the cryptocurrency and its potential as a store of value and a hedge against inflation.