Mexican Billionaire Ricardo Salinas Goes 'All In' on Bitcoin with 70% Portfolio Exposure

Ricardo Salinas, the billionaire founder and chairman of the Mexican conglomerate Grupo Salinas, has significantly increased his Bitcoin exposure in recent years, now allocating 70% of his investment portfolio to Bitcoin-related assets. This marks a major shift from just 10% in 2020, as the entrepreneur continues to double down on his belief in the digital asset’s long-term potential.

In a March 4 interview with Bloomberg, Salinas revealed that he is “pretty much all in” on Bitcoin, with the remaining 30% of his investments spread across gold and gold mining stocks. “That’s it. I don’t have a single bond, and I don’t have any other stocks,” Salinas stated, underscoring his firm commitment to Bitcoin as his primary investment.

Salinas' significant Bitcoin allocation excludes his shares in Grupo Elektra SAB de CV, a key subsidiary within his conglomerate Grupo Salinas, which has a market cap of approximately 75.15 billion Mexican pesos ($3.64 billion), according to Google Finance data.

Bitcoin as the "Hardest Asset in the World"

The 70% Bitcoin exposure reflects Salinas’ strong conviction in the asset’s value proposition. He described Bitcoin as the “hardest asset in the world,” emphasizing its fixed supply cap as a key advantage over traditional assets like gold. Unlike gold, which experiences annual inflation through new production from mines, Bitcoin’s supply is capped, making it resistant to dilution over time.

“Buy everything you can. It’s not going to go anywhere except up because the dynamics are such that it is the hardest asset in the world,” Salinas explained. “Not even gold is this hard. Your gold gets inflated at about 3% a year. Bitcoin doesn’t,” he added, advising investors to dollar-cost average their Bitcoin purchases over time and never sell their holdings.

A Long-Time Bitcoin Advocate

Salinas, who has a net worth of $4.6 billion, has been a staunch Bitcoin advocate for over a decade. His journey into Bitcoin began in the early 2010s when he was introduced to the digital asset by former Grayscale CEO Barry Silbert. At the time, Bitcoin was trading at around $200. Since then, Salinas has increased his Bitcoin exposure steadily, with his allocation reaching 60% by the time of the 2022 Bitcoin Conference.

At that conference, Salinas further solidified his Bitcoin commitment, telling Cointelegraph that he had been "orange-pilled" by Silbert and that his belief in Bitcoin’s potential had only grown stronger over the years.

Plans for Banco Azteca and the Future of Grupo Salinas

Salinas has also been working to integrate Bitcoin into his business ventures. He has expressed plans to make Banco Azteca, a subsidiary of Grupo Salinas, the first Mexican bank to accept Bitcoin, though regulatory hurdles have delayed progress. His commitment to Bitcoin adoption highlights his broader vision of using the cryptocurrency to transform financial systems.

In addition to his Bitcoin investments, Salinas recently revealed plans to separate Grupo Elektra from Grupo Salinas, allowing him to manage the business independently and pursue growth strategies on his terms. This restructuring could give him greater flexibility to align the company’s operations with his personal beliefs and business objectives, including further embracing Bitcoin and blockchain technology.

Conclusion

Ricardo Salinas' decision to allocate 70% of his portfolio to Bitcoin underscores the growing acceptance and belief in Bitcoin as a legitimate store of value and a key part of his investment strategy. As a billionaire entrepreneur with deep roots in the Mexican business landscape, his commitment to Bitcoin highlights the potential for digital assets to disrupt traditional financial systems, offering both individuals and institutions an alternative to conventional investments.

Salinas’ long-standing support for Bitcoin and his ongoing efforts to integrate it into his business ventures make him one of the most prominent advocates of cryptocurrency in Latin America. His actions could serve as a bellwether for the broader adoption of Bitcoin among institutional investors and corporations in the region.