Billionaire abandons gold for ‘hard asset'
Mexican billionaire Ricardo Salinas has doubled down on his Bitcoin belief, now making up 70% of his portfolio.
In a recent interview with Bloomberg, the Mexico-born billionaire stated he currently does not own any bonds or foreign stocks—just Bitcoin, gold, and equity in his firms. 'I don't have a single bond, and I don't have any other stocks except my own,' said Salinas.
Salinas, who is worth $5.1 billion as per Forbes, encouraged long-term thinking regarding a 'hard asset' like Bitcoin.
The billionaire explained, 'You have to think 10 years and buy everything as you can. It's not going to go anywhere except up.'
Bitcoin's capped total supply of 21 million coins — 20 million already mined out — was the chief reason for Bitcoin's greater appeal than gold, he said. 'Gold gets inflated about 3% a year… Bitcoin doesn't.'
Speaking publicly since the stock price of Grupo Elektra collapsed by 70% and a legal standoff with Mexican tax authorities, Salinas appeared to be confident, , as per Bitcoin Magazine.
He said he intends to take Elektra private and stated his businesses are solid despite political headwinds: "Now I'm free to do my thing."
Salinas called Bitcoin "the hardest asset in the world," using dollar-cost averaging as the best approach. He added, 'Buy so much per month… that will take the uncertainty away.'
Salinas' strategy firmly puts him among the world's most high-profile champions of corporate Bitcoin—betting both his fortune and his reputation on the belief in Bitcoin's survival and thriving over the next ten years.
In 2021, Salinas publicly supported Bitcoin, calling fiat currency a 'fraud'.
At press time, Bitcoin is trading at $93,760.32, down by 0.29% over the last day, as per Kraken's price feed.
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