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Ruholamin Haqshanas
Author
Ruholamin Haqshanas
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Mexican billionaire Ricardo Salinas has significantly ramped up his Bitcoin exposure, now allocating 70% of his investment portfolio to the leading cryptocurrency.
The chairman of Grupo Salinas revealed the shift in a March 4 interview with Bloomberg, saying he is “pretty much all in” on Bitcoin, with the remaining 30% of his assets invested in gold and gold miners.
“That’s it. I don’t have a single bond, and I don’t have any other stocks,” Salinas stated.
Ricardo Salinas’ Bitcoin Allocation Soars from 10% to 70% Since 2020
The sharp increase in his Bitcoin holdings marks a major shift from 2020 when he first disclosed that only 10% of his liquid portfolio was in Bitcoin.
By April 2022, that figure had jumped to 60%, as he shared during the Bitcoin 2022 Conference.
Salinas, whose net worth stands at $4.6 billion, has long been a vocal Bitcoin advocate, calling it the “hardest asset in the world.”
He emphasized Bitcoin’s fixed supply cap as its key advantage over traditional assets, encouraging investors to adopt a dollar-cost averaging strategy to build their holdings over time.
“Buy everything you can. It’s not going to go anywhere except up,” Salinas said, arguing that even gold is subject to inflation, unlike Bitcoin.
“Your gold gets inflated at about 3% a year through additional production from mines. Bitcoin doesn’t. Never sell it.”
The billionaire, who first invested in Bitcoin at around $200 per coin after being introduced to it by former Grayscale CEO Barry Silbert in the early 2010s, has also sought to integrate Bitcoin into Mexico’s banking sector.
Since 2021, he has been pushing to make Banco Azteca, one of his company’s subsidiaries, the country’s first bank to accept Bitcoin, though regulatory hurdles have stalled his efforts.
Salinas’ latest comments come as he plans to spin off financial services and retail firm Grupo Elektra from Grupo Salinas, a move aimed at giving him greater control over the business.
El Salvador Continues to Buy the Dip
Just yesterday, El Salvador expanded its Bitcoin holdings once again, purchasing five additional BTC amid a market dip that saw the asset fall to $83,000.
The acquisition, worth approximately $415,000, brings the country’s total Bitcoin reserves to 6,100 BTC, currently valued at around $510 million.
While El Salvador continues acquiring BTC, some other countries have taken the opposite stance.
For one, Swiss National Bank (SNB) President Martin Schlegel has dismissed the idea of adding Bitcoin to Switzerland’s reserve assets, citing concerns over stability, liquidity, and security risks.
In a March 1 interview with Swiss media outlet Tamedia, Schlegel argued that Bitcoin’s volatility makes it an unsuitable reserve asset for the country’s central bank.
“Our reserves need to be highly liquid so they can be used quickly for monetary policy purposes if needed,” he said, emphasizing that Bitcoin’s price swings and market fluctuations are incompatible with the SNB’s financial strategy.
It is worth noting that several U.S. states, including Illinois, Kentucky, Maryland, New Hampshire, New Mexico, North Dakota, Ohio, Pennsylvania, South Dakota, and Texas, have also introduced bills that could enable them to hold Bitcoin and other cryptos as reserve assets.
