Ricardo Salinas: 70% Of Portfolio Now In Bitcoin, Eyes $1M Target

He argues Bitcoin is unseizable, portable and superior to fiat money.

His exposure grew from 10% of his investment portfolio in 2020 to about 70% today.

Salinas Outlook

Salinas tried to bring Bitcoin into Banco Azteca in June 2021, saying the bank was working to become the first in Mexico to accept it.

Mexican regulators pushed back.

That same year, Salinas sought $400 million in Bitcoin exposure and pledged $416 million in Grupo Elektra shares as collateral for a $150 million loan.

The lender, Astor Capital Fund, later proved fraudulent, after its CEO “Thomas Astor-Mellon” turned out to have past convictions tied to forged prescriptions and stolen jewelry.

At Bitcoin 2022, Salinas told the audience, “It’s one thing to understand a theoretical problem, and another to have lived it in your skin.”

He also persuaded his wife to mortgage her house and use the loan to buy Bitcoin.

For ordinary investors, Salinas said home equity can become some level of Bitcoin exposure, a view far outside standard wealth-management advice.

Asked about seven-figure forecasts from Cathie Wood and Michael Saylor, Salinas said, “So it will be a million dollars,” while adding that he does not know when.

His argument follows years of public criticism of fiat money, from family debates over gold to Bitcoin 2022.

Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.