Photo: News BTC
The third wealthiest man in Mexico, Ricardo Salinas Pliego, has been making headlines for his outlook on bitcoin. The businessman is looking for supermarket chain Elektra to be the first-ever to take bitcoin as payment in the future.
He has also been supporting the idea of digital asset investments over traditional ones. And now, the billionaire surprised many investors following his revelation that he currently possesses most of his holdings in bitcoin.
At the 2022 Bitcoin conference in Miami, Salinas revealed the surprising news. Bitcoin and bitcoin equities make up to 60% of his portfolio, marking a considerable increase from the previous 10% digital asset investments in his total net worth last year. As a result, Pliego now possesses billions of dollars worth of the leading cryptocurrency by market value.
For quite a long time, the billionaire has urged investors to invest in the digital asset, advising against stocking riches in fiat currencies.
Bonds have been a means for the affluent to seal safe returns for as long as financial history can remember. But as inflation rates increase more rapidly than those on bonds, traction in them has waned over time, and Pliego seems to have totally set them aside.
When asked about his portfolio allotment, the billionaire answered that he did not lay any portion of his portfolio to bitcoin. Instead, he had a liquid portfolio composed of bitcoin and various hard asset stocks.
“I definitely don’t have any bonds,” said Salinas. “I have a liquid portfolio – I have 60% in Bitcoin and Bitcoin equities, and then 40% in hard asset stocks like oil and gas and gold miners, and that’s where I am.”
He went on to criticize bond investments which, according to him, were a bad choice. With the interest rates going downwards and the resulting bond selloffs occurring worldwide, Salinas’ outlook comes as no surprise.
“Bond investment is a terrible investment. I wouldn’t touch a bond with a 10-foot pole,” he said. “It’s the worst thing. I mean, the best thing that can happen to you is you get back your $100. That’s the best thing that can happen.”
Salinas has a net worth of about $13 billion, making him the third richest man in Mexico. He is the owner of Grupo Elektra, a supermarket chain, which he took over from his father, Hugo Salinas Price.
