Salinas Sees Bitcoin Reaching $1 Million: 'So It Will Be a Million Dollars'

Mexican billionaire Ricardo Salinas Pliego has significantly increased his Bitcoin allocation to 70% of his investment portfolio, up from 10% in 2020. He attributes this shift to his distrust of fiat money, which was shaped by family debates over gold after Richard Nixon ended the US dollar's direct convertibility into gold. Salinas calls this move 'the famous fiat fraud committed by Richard Nixon' and argues that Bitcoin is superior due to its unseizability and portability.

Salinas attempted to bring Bitcoin acceptance to Banco Azteca in 2021 but was met with resistance from regulators. He also sought $400 million in Bitcoin exposure through a loan, which ultimately turned out to be fraudulent. Undeterred, Salinas encouraged his wife to mortgage her house and use the funds to buy Bitcoin, believing that home equity can serve as a form of indirect investment.

In an interview, Salinas expressed confidence in Bitcoin's potential value, stating 'So it will be a million dollars,' when asked about predictions from other prominent investors. While he acknowledges uncertainty around timing, Salinas remains optimistic about the asset's long-term prospects.