Ricardo Salinas invests 70% of portfolio in Bitcoin

Mexican billionaire Ricardo Salinas has increased his Bitcoin (CRYPTO:BTC) holdings to 70% of his investment portfolio, up from 10% just four years ago.

In a recent interview with Bloomberg on March 4, Salinas revealed that he is “pretty much all in” on Bitcoin, leaving only 30% of his investments in gold and gold miners.

Salinas, who founded Grupo Salinas, a Mexican conglomerate, has consistently expressed his belief in Bitcoin as the "hardest asset in the world."

He referred to Bitcoin's fixed supply as a key factor that sets it apart from other assets.

He explained that while gold's value is diluted through yearly inflation due to mining, Bitcoin does not face such inflation.

“Your gold gets inflated at about 3% a year through additional production from mines. Bitcoin doesn’t,” Salinas said.

He also advised investors to adopt a strategy of dollar-cost averaging, encouraging them to buy small amounts of Bitcoin over time.

"Buy everything you can. It’s not going to go anywhere except up," he added.

Salinas' Bitcoin investment journey began in 2012 or 2013 when he bought Bitcoin at $200 per coin, after being introduced to the cryptocurrency by former Grayscale CEO Barry Silbert.

Since then, he has gradually increased his exposure to Bitcoin, reaching 60% by the Bitcoin 2022 Conference.

In addition to his Bitcoin investments, Salinas has been working to make Banco Azteca, one of his company's subsidiaries, the first Mexican bank to accept Bitcoin.

However, his efforts have faced regulatory hurdles.

Salinas, who has an estimated net worth of $4.6 billion, is also seeking to separate Grupo Elektra from Grupo Salinas to gain more control over the business.

At the time of reporting, the Bitcoin (BTC) price was $87,645.42.