In a recent discussion, Ricardo Salinas, the billionaire at the helm of Mexico’s Grupo Salinas, shared that a substantial 70% of his investment portfolio is dedicated to bitcoin and assets related to it. This revelation highlights his strong belief in the cryptocurrency.
During the conversation, Salinas, an ardent advocate of bitcoin, mentioned that the rest of his portfolio is composed of gold and shares in his own businesses. He made it clear, stating, “I don’t own any other stocks, and there’s not a single bond in my portfolio.”
With a net worth sitting at approximately $4.8 billion, Salinas has notably increased his bitcoin holdings from a modest 10% back in 2020. As a staunch supporter of the digital currency, he’s also working on a plan for his bank, Banco Azteca, to pioneer acceptance of bitcoin in Mexico.
This news comes at a time when Salinas is preparing to take Grupo Elektra off the public stock market. He believes this decision will liberate him from shareholder expectations, allowing him the autonomy to steer the company as he sees fit.
The past year hasn’t been easy for Salinas, with Grupo Elektra’s share price tumbling by 70%, erasing close to $5 billion from his wealth. On top of that, he’s embroiled in legal disputes with the Mexican government concerning alleged unpaid taxes.
Nevertheless, Salinas stands steadfast, confidently saying, “Despite all the problems in Mexico, our businesses are doing well. Now I’m free to do my thing.”
Even amidst the legal and political challenges, Salinas maintains his commitment to bitcoin, considering it an essential part of his financial framework. His influence in Latin America has grown as one of the region’s key champions for bitcoin.
Through his outspoken support, Salinas further strengthens the case for bitcoin as a viable long-term store of value. If his strategy yields the desired results, he might just secure his place in history as a pioneering corporate supporter of the cryptocurrency.
