August 9, 2022

Ricardo Salinas Pliego is the third richest man in Mexico who has been making headlines for his stance on bitcoin. The billionaire noticed Elektra, a grocery store chain, turn into the primary to simply accept bitcoin funds sooner or later. He has additionally been a robust advocate for investing within the digital asset versus conventional belongings. This time round, the billionaire has shocked traders after revealing that he now holds nearly all of his portfolio in bitcoin.

60% To Bitcoin

Through the Bitcoin convention that’s being held in Miami, billionaire Ricardo Salinas made a stunning revelation. He mentioned that almost all of his portfolio was in bitcoin and bitcoin equities, making up a complete of 60% of the mentioned portfolio. That is up considerably from the ten% of his complete internet price that Salinas had mentioned was within the digital asset final yr. Going by because of this Salinas at present has billions of {dollars} price of publicity to the pioneer cryptocurrency.

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Though the allotted portion of the billionaire’s portfolio to bitcoin is massive, it’s no shock that he selected to make the leap. For the longest time, Salinas has been advising traders to place a portion of their portfolios into the digital asset. Typically advising in opposition to storing wealth in fiat currencies.

BTC continues on downtrend | Supply: BTCUSD on TradingView.com

It’s A No For Bonds

Bonds have been a approach for the ultra-wealthy to safe secure returns for the longest time. Nevertheless, with inflation charges rising quicker than the rates of interest on these bonds, curiosity in them has declined over time and Salinas seems to have sworn them off utterly.

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When requested about his portfolio allocation, the billionaire mentioned that he didn’t have any portion of his portfolio in bitcoin. Moderately, he had a liquid portfolio that was made up of bitcoin and different laborious asset shares. “I undoubtedly don’t have any bonds,” Salinas revealed. “I’ve a liquid portfolio—I’ve 60% in Bitcoin and Bitcoin equities, after which 40% in laborious asset shares like oil and gasoline and gold miners, and that’s the place I’m.”

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He proceeded to blast bond investments which he mentioned have been a horrible selection. On condition that rates of interest have refused to go up and the ensuing bond sell-offs which have been happening globally, the billionaire’s stance on bonds just isn’t a shock.

“Bond funding is a horrible funding. I wouldn’t contact a bond with a 10-foot pole,” the billionaire mentioned. “It’s simply the worst factor. I imply, the very best factor that may occur to you is you get again your $100. That’s the very best factor that may occur.”

Ricardo Salinas Pliego is rated because the third richest man in Mexico with a internet price o round $13 billion. He owns Grupo Elektra, a retail grocery store chain, an organization that he inherited from his father, and TV Azteca, a Mexican TV broadcaster. 

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