Salinas Loads Up on 70% Bitcoin Allocation, Eyes $1 Million Target

Ricardo Salinas Pliego, a Mexican billionaire and founder of Grupo Salinas, has increased his investment portfolio's allocation to Bitcoin (BTC) from 10% in 2020 to about 70% today. He argues that the asset can eventually reach $1 million.

Salinas claims that his family debates over gold, after Richard Nixon ended the U.S. dollar's direct convertibility into gold, shaped his distrust of fiat money. He believes Bitcoin is superior to fiat due to its portability and unseizability.

The billionaire tried to bring Bitcoin acceptance into Banco Azteca in June 2021, but regulators pushed back. In the same year, he sought $400 million in BTC exposure through a loan with Astor Capital Fund, which turned out to be fraudulent. Salinas also persuaded his wife to mortgage her house and use the loan to buy Bitcoin.

When asked about seven-figure forecasts from Cathie Wood and Michael Saylor, Salinas replied, 'So it will be a million dollars,' while adding that he doesn't know when this target can be reached.