Mexican billionaire declares 60% of his wealth is in BTC

Mexican billionaire Ricardo Salinas Pliego spoke about BTC during the “Billionaire Capital Allocators” panel on the second day of the Bitcoin 2022 conference in Miami, considered the largest in the world.

Pliego is the founder and president of the Mexican conglomerate Grupo Salinas. He is currently the third richest person in Mexico and, according to Forbes, the 158th richest person in the world. His net worth is estimated at $12.7 billion.

In his speech, Salinas began by saying that he has a “great grudge” against fiat currency. Furthermore, he explained that he had personal experience with hyperinflation in Mexico.

He then warned conference attendees that unfortunately today it looks like hyperinflation could hit the US as well, with the value of the dollar falling to 1/100 of what it was in six years. Hence, he said that he is asking people to save on BTC and not on fiat currency.

Mexican billionaire Ricardo Salinas Pliego – BTC yes fiat no

Shortly after Salina’s speech on the same panel, Dan Tapiero said that “traditional asset allocators” (such as pension fund managers) have 60% exposure to stocks and 40% to bonds.

After Tapiero’s speech, the Mexican came back and said that in addition to fiat currency, he hates the stock market.

“I know for sure that some of you are counting on your pensions, this is very dangerous. The problem is, this bond investment is a terrible investment. I have the liquid portfolio. I have 60% in BTC stocks and then 40% in hard asset stocks like oil and gas and gold miners,” he said.

Salinas is a Mexican billionaire and a longtime supporter of BTC. On November 17, 2020, he recommended the book “Bitcoin Standard” by Saifedean Ammous on Twitter. At the time, he said it was the best and most important book to understand cryptocurrency.

While BTC initially caught Salinas’ attention as a “payment vehicle,” he later realized that “it is its status as a store of value that really makes it valuable.”