HomeLatest NewsMexican billionaire Salinas Pliego says Bitcoin accounts for 60% of his liquid portfolio

Mexican billionaire Salinas Pliego says Bitcoin accounts for 60% of his liquid portfolio

  • Bitcoin makes up 60% of Ricardo Salinas Pliego's liquid portfolio
  • Mexico's third-richest person calls bonds 'a terrible investment'. 
  • The TV Azteca CEO says he has 40% of his investment in oil and gold.

Billionaire Ricard Salinas Pliego, the third wealthiest individual in Mexico per Forbes' latest rich list, has revealed Bitcoin makes up the largest portion of his liquid portfolio.

Salinas, who has previously urged investors to have at least part of their portfolios in the benchmark cryptocurrency, was speaking at the Bitcoin 2022 conference in Miami on Thursday.

"I have a liquid portfolio. I have 60% in Bitcoin and Bitcoin equities, and then 40% in hard asset stocks like oil and gas and gold miners. And that's where I am," the Grupo Elektra chairman noted.

Going by the remarks, Salinas Pliego's total Bitcoin and related products' holdings have increased significantly over the past two years. In 2020, the Mexican billionaire said he had about 10% of his portfolio in BTC.

Like then, his latest comments suggest Bitcoin is a better investment than holding government bonds.

"I definitely don't have any bonds," he said on a panel at the conference. He went on to call bonds "a terrible investment," that he wouldn't touch even with a "10-foot pole."

With bonds headed for their worst returns in over seven decades amid central bank monetary tightening and interest rate hikes, Salinas says Bitcoin presents a better asset. On bonds' performance, he said:

"It's just the worst thing. I mean, the best thing that can happen to you is you get back your $100. That's the best thing that can happen."

Salinas is also the owner of one of Mexico's leading broadcasters in TV Azteca. His net worth is around $12.9 billion.

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