Salinas Doubles Down on Bitcoin: 70% Portfolio Allocation Sees $1M Target
Ricardo Salinas Pliego, a Mexican billionaire and founder of Grupo Salinas, has increased his investment portfolio's allocation to Bitcoin from 10% in 2020 to about 70% today.
Salinas made this move after years of public criticism of fiat money, which he argues is inferior to Bitcoin due to its unseizable and portable nature.
In an interview with CoinDesk, Salinas revealed that his family's mining background and the 'famous fiat fraud committed by Richard Nixon' in 1971 shaped their distrust of fiat money.
Salinas also shared that he persuaded his wife to mortgage her house to buy Bitcoin, highlighting the potential for ordinary investors to use home equity as a means of gaining exposure to the cryptocurrency market.
When asked about seven-figure forecasts from other prominent figures such as Cathie Wood and Michael Saylor, Salinas simply stated 'So it will be a million dollars,' while acknowledging that he does not know when this target may be reached.