According to Mexican billionaire Ricardo Salinas Pliego, who told delegates at a conference in Miami on Thursday that Bitcoin is a smart location to invest, the bulk of his liquid portfolio has exposure to the world’s most valuable cryptocurrency.
“I definitely don’t have any bonds,” Salinas Pliego said on a panel at the Bitcoin 2022 conference in Miami, “and I have 60 percent in bitcoin and bitcoin equities and then 40 percent in hard-asset stock like oil and gas and gold miners and that’s where I am,” according to a video clip on Documenting Bitcoin’s Twitter account.
According to Forbes, Salinas Pliego’s net worth was around $12.9 billion as of Thursday, and he runs Mexican TV broadcaster TV Azteca and retailer Grupo Elektra. In 2021, Forbes listed him as the third-wealthiest person in Mexico.
I want to thank @TheBitcoinConf for giving me the opportunity to speak about “what’s next”, it was a pleasure to meet you all ?.
“Please… don’t put your future in government’s hands, you and I know how does that always ends, stay away from #FIAT money, invest in #btc” pic.twitter.com/sjVvbbZKcY
— Don Ricardo Salinas Pliego (@RicardoBSalinas) April 7, 2022
Bonds were avoided by Salinas Pliego before noting the broad breakdown of his liquid holdings. His comments come as the global bond market fell substantially in 2022 as the Federal Reserve and other central banks strive to reduce excessive inflation by hiking interest rates and tightening monetary policy.
Bank of America predicted in late March that the return on US bonds would be the poorest since 1949. The bond market’s volatility and drawdowns have raised concerns about the traditional 60/40 stock/bond portfolio split.
It’s worth mentioning that in 2020, Salinas stated that BTC accounted for 10% of his portfolio, with the remaining 90% spread across various precious metals.
The Mexican is one of the most vocal opponents of fiat currency. People should shun the US dollar, the euro, and any other sort of national currency, according to him, since they risk being manipulated by governments if they do so. “Stay away from fiat money, invest in BTC,” he suggested.
For years, the Mexican has been an enthusiastic supporter of the major cryptocurrency. In 2016, when the asset’s price was approximately $800, he made his first BTC buy. He urged investors to focus on bitcoin in 2020, noting that it is a far better investment than “worthless” conventional money.
He referred to the asset as the “gold of the modern world” last summer. He explained that BTC is limited in supply, easy to move, and has a high level of liquidity. As a result, according to Salinas, every investor should hold it.
Shortly later, the Mexican stated that he had spent a significant amount of time researching bitcoin’s benefits. He committed to holding the asset for the next 30 years, confident in its future development.
