Ricardo Salinas Pliego is Mexico’s third wealthiest man and has recently made news for his opinion on bitcoin.
Elektra, a grocery chain, will be the first to accept bitcoin payments in the future, according to the millionaire. He has also been a vocal proponent of investing in digital assets rather than conventional ones. This time, the billionaire stunned investors by stating that the bulk of his wealth is now held in bitcoin.
During the Miami Bitcoin conference, millionaire Ricardo Salinas made a startling announcement. He said that the bulk of his portfolio was comprised of bitcoin and bitcoin equities, accounting for 60% of the total. This is a big increase from the 10% of his overall net worth that Salinas disclosed last year was invested in the digital asset. This implies that Salinas is presently exposed to the pioneer cryptocurrency to the tune of billions of dollars.
Although the billionaire has devoted a sizable amount of his assets to bitcoin, it’s unsurprising that he opted to take the plunge. Salinas has long advised investors to allocate a part of their portfolios to digital assets. Frequently recommending against wealth storage in fiat currency.
For the longest time, bonds have been a mechanism for the ultra-wealthy to assure safe returns. However, since inflation rates have increased faster than the interest rates on these bonds, interest in them has waned over time, and Salinas seems to have totally abandoned them.
When questioned about his portfolio allocation, the billionaire said that he did not have any bitcoin. Rather than that, he maintained a liquid portfolio comprised of bitcoin and other hard asset equities. “I most absolutely do not have any bonds,” Salinas said. “I have a liquid portfolio—60% in Bitcoin and Bitcoin equities, 40% in hard asset stocks such as oil, gas, and gold miners, and that is where I am.”
He then continued to criticize bond investments, which he said were a poor decision. Given that interest rates have failed to rise and the resultant worldwide bond sell-offs, the billionaire’s view on bonds is unsurprising.
“Investing in bonds is a horrible idea. “I would never touch a bond with a ten-foot rod,” the billionaire said. “It’s the most heinous thing. That is, the best-case scenario is that you get your $100 back. That is the best-case scenario.”
Ricardo Salinas Pliego is Mexico’s third wealthiest individual, with a net worth of over $13 billion. He is the owner of Grupo Elektra, a retail grocery chain that he inherited from his father, as well as TV Azteca, a Mexican television network.