Mexican billionaire Ricardo Salinas is a big fan of Bitcoin. He recently revealed that a whopping 70% of his wealth is invested in Bitcoin and related assets!
Salinas’ Bitcoin Portfolio
Salinas, who’s worth around $5.8 billion, says his portfolio is mostly “hard assets” – Bitcoin and gold. He’s practically all-in on Bitcoin, with only 30% allocated to gold and gold mining companies. He doesn’t own any bonds or stocks besides his own company’s. This is a huge jump from his 10% Bitcoin allocation back in 2020.
He’s become quite the Bitcoin advocate on social media, spreading the word about his investment strategy.
Banco Azteca and Bitcoin
In 2021, Salinas planned to make his bank, Banco Azteca, the first in Mexico to accept Bitcoin. However, the Bank of Mexico quickly shut that down, stating that cryptocurrencies aren’t legal tender in the country. So, Banco Azteca hasn’t adopted Bitcoin yet.
Bitcoin as a Store of Value: The Growing Trend
While Bitcoin’s use as everyday money is still debated, more and more people see it as a way to store value. Countries like El Salvador and Bhutan are even adding Bitcoin to their national reserves. Following the 2024 US Presidential election, the US is also exploring a national crypto reserve. However, there’s some disagreement about whether other cryptocurrencies should be included, with many believing Bitcoin is the only proven store of value. Several US states are also looking into using Bitcoin for their treasury funds, with Utah leading the charge.
Bitcoin’s Volatility: A Cause for Concern?
Despite the growing interest, Bitcoin’s price remains volatile. Recent reports suggest it’s acting more like a speculative investment than a stable store of value. At the time of writing, Bitcoin’s price is down, highlighting the risks involved.
