Mexican Billionaire Doubles Down on Bitcoin with $1M Price Target

Ricardo Salinas Pliego, the founder and chairman of Grupo Salinas, now holds around 70% of his investment portfolio in Bitcoin. This represents a significant increase from 10% in 2020. He attributes his distrust of fiat money to family debates over gold, which were fueled by Richard Nixon's decision to end the direct convertibility of the US dollar into gold.

Salinas' views on Bitcoin are shaped by its perceived benefits as an unseizable and portable asset compared to traditional fiat currencies. His exposure to Bitcoin grew after he attempted to introduce it at Banco Azteca in June 2021, but was met with resistance from regulators.

The Mexican billionaire has been a vocal critic of fiat money for years and believes that Bitcoin can eventually reach $1 million. He even persuaded his wife to mortgage her home to buy Bitcoin, highlighting the potential for ordinary investors to use their home equity as a means of exposure to the cryptocurrency.