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Mexican entrepreneur Ricardo Salinas, who first bought Bitcoin at $200 around 12 years ago, has increased his Bitcoin exposure from 10% to 70% over the past four and a half years.
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Ricardo Salinas, founder and chairman of Mexican conglomerate Grupo Salinas, said 70% of his investment portfolio is now allocated to Bitcoin-related assets — up from 10% in 2020.
Speaking with Bloomberg on March 4, Salinas said he’s “pretty much all in” on Bitcoin (BTC), while the remaining 30% of his investments are in gold and gold miners.
“That’s it. I don’t have a single bond, and I don’t have any other stocks.”
The 70% Bitcoin allocation presumably excludes shares that he holds in his company’s stock, Grupo Elektra SAB de CV, which boasts a 75.15 billion Mexican peso ($3.64 billion) market cap, Google Finance data shows.
Salinas referred to Bitcoin as the “hardest asset in the world,” pointing to Bitcoin’s fixed supply cap. He recommended that investors dollar cost average — buy small amounts of BTC — over a longer term.
“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.”
“Not even gold is this hard. Your gold gets inflated at about 3% a year through additional production from mines. Bitcoin doesn’t,” Salinas added. “Never sell it.”
Translated, Salinas’ post says: “Greetings nephews, my friend @saylor sends his best wishes to all of you ahead of his #Bitcoin conference in Miami.” Source: Ricardo Salinas
Salinas, who boasts a net worth of $4.6 billion, has increased his exposure to Bitcoin since November 2020, when he said 10% of his liquid portfolio was invested in Bitcoin.
Related: Bitcoin no longer ‘safe haven’ as $82K BTC price dive leaves gold on top
The billionaire said that his allocation increased to 60% at the Bitcoin 2022 Conference in April 2022.
At the conference, Salinas told Cointelegraph in an interview that he was “orange-pilled” by former Grayscale CEO Barry Silbert in 2012 or 2013 and made his first Bitcoin investment at $200.
Salinas has been looking to make one of his company’s subsidiaries, Banco Azteca, the first Mexican bank to accept Bitcoin since at least 2021— however, he has faced regulatory battles in that endeavor.
His Bitcoin comments came as he revealed his plan to remove financial services firm and retailer Grupo Elektra from Grupo Salinas to allow him to run that business as he wishes.
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This article first appeared at Cointelegraph.com News
