In a recent chat, Ricardo Salinas, the billionaire steering the ship of Grupo Salinas in Mexico, opened up about his bold investment strategy. He’s gone all in, putting 70% of his investment eggs into the bitcoin basket and other assets linked to it.
During this insightful discussion, Salinas, a well-known bitcoin advocate, shared that the remaining 30% of his financial portfolio comprises gold and stocks from his own ventures. “I don’t own any bonds or stocks outside my enterprises,” he affirmed candidly.
Having amassed a fortune estimated at $4.8 billion, Salinas has significantly ramped up his bitcoin investments from 10% back in 2020. A staunch supporter of the cryptocurrency, he even envisages making Banco Azteca, his bank, the pioneer in Mexico to embrace bitcoin.
This disclosure aligns with his strategic maneuver to remove his keystone company, Grupo Elektra, from public trading, aiming to liberate himself from the constraints of shareholder expectations, thus enabling him to manage on his own terms.
Recent times haven’t been easy for Salinas. Last year, the value of Grupo Elektra’s shares nosedived by 70%, erasing nearly $5 billion from his wealth. On top of that, he’s entrenched in ongoing legal skirmishes with the Mexican authorities regarding alleged tax arrears.
Nevertheless, Salinas stands firm in the face of these adversities, asserting, “Despite the turmoil in Mexico, our businesses are thriving. Now, I have the freedom to chart my own course.”
Amidst these challenges and the swirling political uncertainty, Salinas remains resolute, with bitcoin as a cornerstone of his financial game plan. In fact, he’s emerged as one of Latin America’s leading voices in support of bitcoin.
Through his outspoken advocacy, Salinas further bolsters the potential of bitcoin as a secure long-term investment. Should his gamble prove successful, it could solidify his standing as a pioneering corporate figure championing the rise of bitcoin.
