Mexican Billionaire Hikes Bitcoin Allocation to 70%
Ricardo Salinas Pliego, a Mexican billionaire and founder of Grupo Salinas, has significantly increased his allocation to Bitcoin in his investment portfolio. The percentage of his portfolio invested in BTC now stands at around 70%, up from 10% in 2020.
Salinas attributes his distrust of fiat money to family debates over gold following the US dollar's direct convertibility into gold being ended by Richard Nixon. He views Bitcoin as unseizable, portable, and superior to fiat money.
In an effort to further increase his exposure to BTC, Salinas attempted to bring it into Banco Azteca in June 2021 but was met with resistance from regulators. He also sought $400 million in Bitcoin exposure through a loan collateralized by Grupo Elektra shares, although the lender turned out to be fraudulent.
Salinas has expressed confidence in Bitcoin's potential, stating that it will reach $1 million and encouraging ordinary investors to consider using home equity as a means of obtaining some level of Bitcoin exposure.