Mexican Billionaire Salinas Says He Has 70% Bitcoin-Related Exposure

Bitcoin Magazine

Mexican Billionaire Salinas Says He Has 70% Bitcoin-Related Exposure

Ricardo Salinas, the billionaire owner of Mexican conglomerate Grupo Salinas, revealed in a recent interview that he has allocated 70% of his investment portfolio to bitcoin and bitcoin-related assets.

The prominent bitcoin advocate disclosed that the remaining 30% of his portfolio consists of gold and shares in his own companies. He stated, “I don’t have a single bond, and I don’t have any other stocks except my own.”

Salinas, whose net worth is estimated at $4.8 billion, has significantly increased his bitcoin exposure from 10% in 2020. The billionaire has been a vocal supporter of bitcoin, and he plans to make his bank, Banco Azteca, the first in Mexico to accept it.

The revelation comes as Salinas aims to delist his flagship firm, Grupo Elektra, from public markets. He says this move will free him from shareholders and allow him to run the business as he wishes.

Salinas has faced turbulent times recently, with Grupo Elektra’s share price plummeting 70% last year and wiping out nearly $5 billion of his fortune. He remains locked in legal battles with the Mexican government over alleged unpaid taxes.

However, the tycoon remains defiant, stating, “Despite all the problems in Mexico, our businesses are doing well. Now I’m free to do my thing.”

Despite legal battles and political uncertainty, Salinas remains committed to Bitcoin as a core pillar of his financial strategy. He has emerged as one of Latin America’s most influential Bitcoin proponents.

Salinas’ vocal support further validates bitcoin’s prospects as a long-term store of value. If his bet pays off, the billionaire could cement his legacy as one of the earliest corporate champions of bitcoin.

This post Mexican Billionaire Salinas Says He Has 70% Bitcoin-Related Exposure first appeared on Bitcoin Magazine and is written by Vivek Sen Bitcoin.