In a bold move reflecting his unwavering faith in cryptocurrency, Mexican billionaire Ricardo Salinas has revealed that a staggering 70% of his investment portfolio is now allocated to bitcoin and bitcoin-related assets. This represents a significant increase from just 10% in 2020, showcasing his growing confidence in the digital currency as a legitimate asset class.
Salinas, the owner of the Mexican conglomerate Grupo Salinas, disclosed this information in a recent interview. He confidently stated that the remaining 30% of his portfolio consists of gold and shares in his own companies, asserting, “I don’t have a single bond, and I don’t have any other stocks except my own.” This strategic allocation underscores Salinas’ commitment to diversifying his investments while keeping a firm focus on the potential of bitcoin.
With a net worth estimated at $4.8 billion, Salinas is not just an investor but a vocal advocate for the cryptocurrency. He has plans to transform his bank, Banco Azteca, into the first financial institution in Mexico to accept bitcoin, paving the way for broader cryptocurrency adoption in the region.
The timing of Salinas’ announcement coincides with efforts to delist his flagship firm, Grupo Elektra, from public markets. Salinas believes that this move will liberate him from the constraints of shareholder expectations, allowing him to focus on business strategies that align better with his vision. “Despite all the problems in Mexico, our businesses are doing well. Now I’m free to do my thing,” he remarked, illustrating his determination amidst recent challenges.
It has been a tumultuous period for Salinas, as Grupo Elektra’s share price dropped by a staggering 70% last year, erasing nearly $5 billion from his fortune. Adding to his woes, he faces ongoing legal battles with the Mexican government over alleged unpaid taxes. Yet, his commitment to bitcoin remains strong. In light of these difficulties, Salinas continues to view cryptocurrency as a cornerstone of his financial strategy, establishing himself as one of the leading Bitcoin proponents in Latin America.
As one of the earliest corporate champions of bitcoin, Salinas’ vocal support may further validate the cryptocurrency’s prospects as a long-term store of value. If Salinas’ investments pay off, he could cement his legacy as a pioneering figure in the cryptocurrency world, encouraging others to consider cryptocurrencies as viable financial assets.
