Salinas Doubles Down on Bitcoin, Eyes $1 Million Target
Ricardo Salinas Pliego, the Mexican billionaire and founder of Grupo Salinas, has significantly increased his allocation to Bitcoin. He now holds about 70% of his investment portfolio in BTC, up from just 10% in 2020.
This move is driven by Salinas' distrust of fiat money, which he attributes to family debates over gold following Richard Nixon's decision to end the dollar's direct convertibility into gold. He views Bitcoin as superior to fiat due to its unseizability and portability.
Salinas has been a vocal critic of fiat money for years and has taken steps to increase his exposure to BTC, even persuading his wife to mortgage their home to buy more. When asked about predictions from others that Bitcoin could reach $1 million, Salinas responded simply, 'So it will be a million dollars.'