Mexican Billionaire Salinas Reveals 70% Exposure to Bitcoin Investments

Bitcoin Magazine

Mexican Billionaire Salinas Claims 70% of His Wealth Is in Bitcoin-Related Investments

Ricardo Salinas, the billionaire and founder of Grupo Salinas, a major Mexican business group, recently disclosed in an interview that a whopping 70% of his investment portfolio is directed towards bitcoin and assets linked to it.

The influential bitcoin advocate shared that the remaining 30% of his investments are allocated to gold and shares from his personal enterprises. As he noted, “I don’t own any bonds, nor do I hold any stocks aside from my own.”

Salinas, with a net worth estimated at $4.8 billion, has ramped up his bitcoin investments from just 10% in 2020. He has consistently endorsed bitcoin, with plans to establish his bank, Banco Azteca, as the first in Mexico to embrace cryptocurrency transactions.

This disclosure is particularly significant as Salinas works to delist his flagship company, Grupo Elektra, from public trading platforms. He believes this decision will liberate him from the constraints imposed by shareholders, allowing him more flexibility in managing the business.

Despite facing challenges, including a dramatic 70% decline in Grupo Elektra’s stock price last year, which cost him nearly $5 billion, Salinas continues to stand strong. He is also engaged in ongoing legal disputes with the Mexican authorities over alleged unpaid taxes.

Still, the tycoon remains resolute, asserting, “Despite the issues in Mexico, our ventures are thriving. I am now free to pursue my vision.”

In the face of legal obstacles and a politically unstable environment, Salinas’s commitment to bitcoin remains unwavering, positioning him as one of the most prominent advocates of the cryptocurrency in Latin America.

His outspoken support further reinforces the belief in bitcoin as a potential long-term store of value. Should his investment strategy succeed, Salinas is set to cement his legacy as one of the pioneering corporate supporters of bitcoin.

This content originally appeared on Bitcoin Magazine and is authored by Vivek Sen Bitcoin.