Salinas Sees Bitcoin Surpassing $1 Million

Ricardo Salinas Pliego, a Mexican billionaire and founder of Grupo Salinas, has significantly increased his allocation to Bitcoin. His Bitcoin holding now accounts for about 70% of his investment portfolio, up from just 10% in 2020.

This shift in strategy was influenced by the family's mining background and their distrust of fiat money, which they blame on Richard Nixon's decision to end the direct convertibility of the US dollar into gold. Salinas considers this move a 'fiat fraud' that made his family question the value of traditional currencies.

He believes Bitcoin is superior to fiat money due to its unseizability and portability, which makes it an attractive asset for him. In fact, he's so confident in Bitcoin's potential that he predicts it will reach $1 million at some point, echoing the targets set by Cathie Wood and Michael Saylor.

Salinas has also taken a personal stake in Bitcoin, persuading his wife to mortgage their home to buy more of the cryptocurrency. This unconventional approach is not typically advised by wealth managers but highlights Salinas' conviction in Bitcoin's value proposition.