Mexico’s Third Richest Man Says No To Bonds, Yes To Bitcoin
09 Aprile 2022 - 1:00AM
NEWSBTC
Ricardo Salinas Pliego is the third richest man in Mexico who has
been making headlines for his stance on bitcoin. The billionaire
saw Elektra, a supermarket chain, become the first to accept
bitcoin payments in the future. He has also been a strong advocate
for investing in the digital asset as opposed to traditional
assets. This time around, the billionaire has shocked investors
after revealing that he now holds the majority of his portfolio in
bitcoin. 60% To Bitcoin During the Bitcoin conference that is being
held in Miami, billionaire Ricardo Salinas made a shocking
revelation. He said that the majority of his portfolio was in
bitcoin and bitcoin equities, making up a total of 60% of the said
portfolio. This is up significantly from the 10% of his total net
worth that Salinas had said was in the digital asset last year.
Going by this means that Salinas currently has billions of dollars
worth of exposure to the pioneer cryptocurrency. Bit Although the
allocated portion of the billionaire’s portfolio to bitcoin is
large, it is no surprise that he chose to take the plunge. For the
longest time, Salinas has been advising investors to put a portion
of their portfolios into the digital asset. Often advising against
storing wealth in fiat currencies. BTC continues on downtrend |
Source: BTCUSD on TradingView.com It’s A No For Bonds Bonds have
been a way for the ultra-wealthy to secure safe returns for the
longest time. However, with inflation rates rising faster than the
interest rates on these bonds, interest in them has declined over
time and Salinas looks to have sworn them off completely. When
asked about his portfolio allocation, the billionaire said that he
did not have any portion of his portfolio in bitcoin. Rather, he
had a liquid portfolio that was made up of bitcoin and other hard
asset stocks. “I definitely don’t have any bonds,” Salinas
revealed. “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.” Related Reading
| The NFL’s First Team To Accept Crypto? The Tennessee Titans
He proceeded to blast bond investments which he said were a
terrible choice. Given that interest rates have refused to go up
and the resulting bond sell-offs that have been taking place
globally, the billionaire’s stance on bonds is not a shock. “Bond
investment is a terrible investment. I wouldn’t touch a bond with a
10-foot pole,” the billionaire 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.” Ricardo Salinas
Pliego is rated as the third richest man in Mexico with a net worth
o around $13 billion. He owns Grupo Elektra, a retail supermarket
chain, a company that he inherited from his father, and TV Azteca,
a Mexican TV broadcaster. Featured image from OI Canadian,
chart from TradingView.com
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