Mexico's 3rd Richest Person Holds 80% Of Their Wealth In Bitcoin, Now They Plan To Make That A 100%: Here Is The Reason Why

Mexican business magnate Ricardo Salinas Pliego has been a strong Bitcoin BTC/USD advocate for years and recently considered allocating the entirety of his wealth to the top cryptocurrency.

Salinas Wants To Go All In On BTC

During an interview with Austrian economist Saifedean Ammous in May, Salinas, who has a net worth of over $5 billion, disclosed that he has no exposure to stocks other than a "very small proportion" of gold and Bitcoin miners.

"I think that anybody who has an investment portfolio should be extremely careful because of the way that stocks are valued today. It's ridiculous," Mexico's third-richest individual said.

He said that 80% of his wealth is tied up in Bitcoin-related investments and the rest in gold.

"I don’t know why do I still have gold. Well I could probably move to 100% Bitcoin. Maybe I need a little bit more time being an old guy," Salinas chuckled.

Salinas’ History With ‘Sound Money’

Salinas revealed that the devaluation of the Mexican national currency Peso, during the 80s, due to what he regarded as “mismanagement,” pushed him toward sound money.

He said that he became a gold bug and "did really well" in the subsequent decades before adopting Bitcoin in 2013.

Salinan previously said that he began investing in Bitcoin when it was around $200 and went through its highs and lows, ending in one of his most profitable moves when he sold his Bitcoin for roughly $17,000.

"Bitcoin is now in the stage of being revalued to its actual usefulness for the world. The more people find it useful the more valuable it’s going to be," he remarked.

Price Action: At the time of writing, BTC was exchanging hands at $119,217.31, down 2.23% in the last 24 hours, according to data from Benzinga Pro. The leading cryptocurrency is up over 14% since Salinas’ interview.

Photo: Rido on Shutterstock.com

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