Mexico’s Third Richest Man Says No To Bonds, Yes To Bitcoin

Bitcoin News

Ricardo Salinas Pliego is the third richest man in Mexico who has been making headlines for his stance on bitcoin. The billionaire saw Elektra, a supermarket chain, become the first to accept bitcoin payments in the future. He has also been a strong advocate for investing in the digital asset as opposed to traditional assets. This time around, the billionaire has shocked investors after revealing that he now holds the majority of his portfolio in bitcoin.

60% To Bitcoin

During the Bitcoin conference that is being held in Miami, billionaire Ricardo Salinas made a shocking revelation. He said that the majority of his portfolio was in bitcoin and bitcoin equities, making up a total of 60% of the said portfolio. This is up significantly from the 10% of his total net worth that Salinas had said was in the digital asset last year. Going by this means that Salinas currently has billions of dollars worth of exposure to the pioneer cryptocurrency.

Bit

Although the allocated portion of the billionaire’s portfolio to bitcoin is large, it is no surprise that he chose to take the plunge. For the longest time, Salinas has been advising investors to put a portion of their portfolios into the digital asset. Often advising against storing wealth in fiat currencies.

Bitcoin price chart from TradingView.com

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

It’s A No For Bonds

Bonds have been a way for the ultra-wealthy to secure safe returns for the longest time. However, with inflation rates rising faster than the interest rates on these bonds, interest in them has declined over time and Salinas looks to have sworn them off completely.

When asked about his portfolio allocation, the billionaire said that he did not have any portion of his portfolio in bitcoin. Rather, he had a liquid portfolio that was made up of bitcoin and other hard asset stocks. “I definitely don’t have any bonds,” Salinas revealed. “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.”

Related Reading | The NFL’s First Team To Accept Crypto? The Tennessee Titans

He proceeded to blast bond investments which he said were a terrible choice. Given that interest rates have refused to go up and the resulting bond sell-offs that have been taking place globally, the billionaire’s stance on bonds is not a shock.

“Bond investment is a terrible investment. I wouldn’t touch a bond with a 10-foot pole,” the billionaire said. “It’s just 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.”

Ricardo Salinas Pliego is rated as the third richest man in Mexico with a net worth o around $13 billion. He owns Grupo Elektra, a retail supermarket chain, a company that he inherited from his father, and TV Azteca, a Mexican TV broadcaster. 

Featured image from OI Canadian, chart from TradingView.com

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