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

Ricardo Salinas Bligo is the third richest man in Mexico who has made headlines because of his stance on Bitcoin. The billionaire saw Elektra, a supermarket chain, becoming the first to accept bitcoin payments in the future. He has also been a strong advocate of investing in digital assets rather than traditional ones. This time around, the billionaire shocked investors after revealing that he now owns the majority of his bitcoin portfolio.

60% to bitcoin

During the Bitcoin Conference held in Miami, billionaire Ricardo Salinas made a shocking revelation. He said the majority of his portfolio was in bitcoin and bitcoin stocks, making up a total of 60% of said portfolio. This is significantly higher than 10% of his total net worth which Salinas said was in digital assets last year. Going through this means that Salinas currently has billions of dollars of exposure to the leading cryptocurrency.

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Although the portion devoted to the billionaire’s bitcoin wallet is large, it is not surprising that he chose to do so. For the longest time, Salinas has been advising investors to put a portion of their portfolios into digital assets. frequently Advise against hoarding wealth in fiat currency.

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It’s not for bonds

Bonds were a way for the very wealthy to secure secure returns for the longest time. However, with inflation rising faster than the interest rates on these bonds, interest on them has fallen over time and Salinas seems to have sworn it all together.

When the billionaire was asked about his wallet allocation, he said he doesn’t have any part of his wallet in bitcoin. Instead, he had a liquid portfolio consisting of bitcoin and other hard asset stocks. Salinas revealed: “I definitely don’t have any ties.” “I have a liquid portfolio — I have 60% of Bitcoin and Bitcoin stocks, and then 40% in stocks of hard assets like oil, gas, and gold miners, and that’s where I am.”

Related reading | The first team in the NFL to accept cryptocurrency? Tennessee Titans

He proceeded to blow up bond investments which he said were a bad choice. Given that interest rates have refused to rise and the resulting bond sale that has taken place globally, the billionaire’s position on bonds is no shock.

“Investing in bonds is a terrible investment. I would never touch a bond with a 10-foot pole,” the billionaire said. “It’s the worst thing. I mean, the best thing that can happen to you is a $100 refund. This is the best thing that could happen.”

Ricardo Salinas Pligo ranks as the third richest man in Mexico with a fortune of around $13 billion. He owns Grupo Elektra, a retail chain, a company he inherited from his father, and TV Azteca, a Mexican television broadcaster.

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