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

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

Ricardo Salinas Pliego is the third richest man in Mexico who has been making headlines for his stance on bitcoin. The billionaire noticed Elektra, a grocery store chain, change into the primary to simply accept bitcoin funds sooner or later. He has additionally been a robust advocate for investing within the digital asset versus conventional property. This time round, the billionaire has shocked traders after revealing that he now holds the vast majority of his portfolio in bitcoin.

60% To Bitcoin

Through the Bitcoin convention that’s being held in Miami, billionaire Ricardo Salinas made a surprising revelation. He stated that almost all of his portfolio was in bitcoin and bitcoin equities, making up a complete of 60% of the stated portfolio. That is up considerably from the 10% of his total net worth that Salinas had said was in the digital asset final 12 months. Going by which means that Salinas presently has billions of {dollars} value of publicity to the pioneer cryptocurrency.


Though the allotted portion of the billionaire’s portfolio to bitcoin is massive, it’s no shock that he selected to make the leap. For the longest time, Salinas has been advising traders to place a portion of their portfolios into the digital asset. Typically advising in opposition to storing wealth in fiat currencies.

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It’s A No For Bonds

Bonds have been a approach for the ultra-wealthy to safe secure returns for the longest time. Nonetheless, with inflation charges rising quicker than the rates of interest on these bonds, curiosity in them has declined over time and Salinas seems to have sworn them off utterly.

When requested about his portfolio allocation, the billionaire stated that he didn’t have any portion of his portfolio in bitcoin. Moderately, he had a liquid portfolio that was made up of bitcoin and different exhausting asset shares. “I positively don’t have any bonds,” Salinas revealed. “I’ve a liquid portfolio—I’ve 60% in Bitcoin and Bitcoin equities, after which 40% in exhausting asset shares like oil and fuel and gold miners, and that’s the place I’m.”

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He proceeded to blast bond investments which he stated have been a horrible selection. Provided that rates of interest have refused to go up and the ensuing bond sell-offs which have been going down globally, the billionaire’s stance on bonds will not be a shock.

“Bond funding is a horrible funding. I wouldn’t contact a bond with a 10-foot pole,” the billionaire stated. “It’s simply the worst factor. I imply, the perfect factor that may occur to you is you get again your $100. That’s the perfect factor that may occur.”

Ricardo Salinas Pliego is rated because the third richest man in Mexico with a web value o round $13 billion. He owns Grupo Elektra, a retail grocery store chain, an organization that he inherited from his father, and TV Azteca, a Mexican TV broadcaster. 

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