Ricardo Salinas Pliego, Mexico’s third-richest man has made headlines because of his position on Bitcoin. He saw Elektra (a supermarket chain) become the first in Mexico to accept bitcoin payments. He is also a firm advocate of digital assets investing over traditional assets. Investors were shocked when the billionaire revealed that the vast majority of his bitcoin portfolio is now in the digital asset.
Bitcoin: 60%
Ricardo Salinas, a billionaire who is attending the Bitcoin conference in Miami made an astonishing revelation. His portfolio comprised 60% in total bitcoin and bitcoin equities. This represents a significant increase from his previous claim that 10% of his net worth was invested in digital assets last year. This means that Salinas has currently billions in exposure to the pioneer cryptocurrency.
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Although the allocated portion of the billionaire’s portfolio to bitcoin is large, it is no surprise that he chose to take the plunge. Salinas advises investors that they put some of their portfolios into this digital asset for a long time. Salinas advises against the accumulation of wealth in fiat currencies.
BTC remains in a downtrend. Source: BTCUSD at TradingView.com| Source: BTCUSD on TradingView.com
It’s A No For Bonds
The safest way to earn long-term returns has been bonding. With inflation rates increasing faster than interest rates, the value of these bonds has fallen over time. Salinas seems to have abandoned them completely.
The billionaire answered a question about the allocation of his portfolio. He said that bitcoin was not a part of his portfolio. He had a liquid portfolio made up of stocks such as bitcoin and hard assets. “I definitely don’t have any bonds,” Salinas revealed. “I have a liquid portfolio—I have 60% in Bitcoin and Bitcoin equities, and then 40% in hard asset stocks like oil and gas and gold miners, and that’s where I am.”
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The billionaire then slammed bond investments, calling them a bad choice. Given that interest rates have refused to go up and the resulting bond sell-offs that have been taking place globally, the billionaire’s stance on bonds is not a shock.
“Bond investment is a terrible investment. I wouldn’t touch a bond with a 10-foot pole,” the billionaire said. “It’s just the worst thing. You get your $100 back. That’s the best thing that can happen.”
Ricardo Salinas Pliego, Mexico’s third-richest man with an estimated net worth of $13 billion is the most well-known. Grupo Elektra, Mexico’s largest retail supermarket, is his heirloom company. TV Azteca, Mexico’s TV broadcaster, is also part of his holdings.
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