Salinas Doubles Down on Bitcoin, Eyes $1M Target with 70% Portfolio Allocation

Ricardo Salinas Pliego, a Mexican billionaire and founder of Grupo Salinas, has revealed that he now holds about 70% of his investment portfolio in Bitcoin (BTC). This significant increase from 10% in 2020 comes as Salinas continues to advocate for the cryptocurrency.

Salinas' exposure to BTC grew after family debates over gold led him to distrust fiat money. He recalled how his family's mining background made the issue practical, and he argued that Bitcoin is superior due to its unseizable and portable nature.

The billionaire took control of Grupo Elektra in 1987 and shifted the company from furniture manufacturing toward appliances and consumer credit. His conglomerate now includes Banco Azteca and TV Azteca.

In June 2021, Salinas attempted to bring Bitcoin into Banco Azteca but was met with resistance from Mexican regulators. That same year, he sought $400 million in BTC exposure and pledged $416 million in Grupo Elektra shares as collateral for a $150 million loan, only to discover that the lender, Astor Capital Fund, was fraudulent.

Salinas has been vocal about his support for Bitcoin, stating at the 2022 conference that 'It's one thing to understand a theoretical problem, and another to have lived it in your skin.' He also encouraged ordinary investors to consider using home equity as a means of gaining some level of BTC exposure.