Ricardo Salinas, founder of Grupo Elektra, says 70% of his investment portfolio is now allocated to Bitcoin

Ricardo Salinas, founder and chairman of Mexican conglomerate Grupo Salinas, said 70% of his investment portfolio is now allocated to Bitcoin

Ricardo Salinas, the founder and chairman of Mexican conglomerate Grupo Salinas, has revealed that 70% of his investment portfolio is now allocated to Bitcoin-related assets.

The billionaire, who has a net worth of $4.6 billion, disclosed his Bitcoin investment strategy in an interview with Bloomberg on Thursday.

He said that he’s “pretty much all in” on Bitcoin, while the remaining 30% of his investments are in gold and gold miners.

The 70% Bitcoin allocation presumably excludes shares that he holds in his company’s stock, Grupo Elektra SAB de CV, which boasts a 75.15 billion Mexican peso ($3.64 billion) market cap, Google Finance data shows.

Salinas referred to Bitcoin as the “hardest asset in the world,” in a post on X, formerly known as Twitter.

He recommended that investors dollar cost average — buy small amounts of BTC — over a longer term.

“Not even gold is this hard. Your gold gets inflated at about 3% a year through additional production from mines. Bitcoin doesn’t. #Bitcoin #bestasset.”

"Greetings nephews, my friend @saylor sends his best wishes to all of you ahead of his #Bitcoin conference in Miami. He is the one who introduced me to the use of #satoshi in his presentations. I will be there at the Union Miami Beach hotel, where the conference will be held from March 1-3."

Salinas, who is known for his blunt and outspoken style, also shared his thoughts on the stock market.

He said that he’s not a fan of stocks, as they can be easily manipulated by market makers.

“I don’t like stocks. Stocks are a casino. They get manipulated by market makers, who can move prices up or down at will. But Bitcoin doesn’t get manipulated. It’s the hardest asset in the world.”

Salinas’s comments come as Bitcoin is trading at around $51,000, down about 66% from its all-time high of $82,000, which it reached in November 2021.

The billionaire has been open about his crypto investments before.

In November 2020, Salinas said that 10% of his liquid portfolio was invested in Bitcoin.

At the Bitcoin 2022 Conference in April 2022, Salinas said that his allocation to Bitcoin had increased to 60%.

At the conference, Salinas told Cointelegraph in an interview that he was “orange-pilled” by former Grayscale CEO Barry Silbert in 2012 or 2013 and made his first Bitcoin investment at $200.

Salinas has also been looking to make one of his company’s subsidiaries, Banco Azteca, the first Mexican bank to accept Bitcoin since at least 2021— however, he has faced regulatory battles in that endeavor.

His Bitcoin comments came as he revealed his plan to remove financial services firm and retailer Grupo Elektra from Grupo Salinas to allow him to run that business as he wishes.