Mexican Billionaire Reveals Target Price for Bitcoin, Which Makes Up 70% of His Portfolio
Mexican billionaire Ricardo Salinas Pliego stated that he has allocated 70% of his investment portfolio to Bitcoin (BTC), arguing that the digital asset is a better investment vehicle than real estate.
As one of Mexico’s wealthiest individuals with a fortune of approximately $5 billion, Ricardo Salinas Pliego stands out as a staunch Bitcoin (BTC) advocate. Contrary to traditional investment advisors’ recommendations to limit exposure to risky assets, Salinas keeps the vast majority of his portfolio in Bitcoin, believing that fiat currencies will lose purchasing power over time. The renowned businessman took this vision so far that he claims to have even convinced his wife to mortgage their home to buy Bitcoin.
According to Salinas, traditional stores of value like real estate are losing ground against Bitcoin (BTC) in the long run. The billionaire points out that while it took 4,000 units to buy a house in London in 2016 when the Bitcoin price was around $400, the same house can be purchased today with fewer than 30 units, citing this as evidence of the digital asset’s superiority. Advising investors to somehow convert their home equity into cryptocurrency exposure, Salinas describes this move as an asymmetric upside opportunity.
Similarity Between Bitcoin and Gold
Having grasped the importance of scarce assets at an early age due to his family’s history in gold and silver mining, Salinas views Bitcoin as a modern extension of gold. The businessman, who closely follows the inflationary process that began with the U.S. departure from the gold standard in the 1970s, states that assets with a limited supply will preserve their value, while government-controlled currencies are doomed to melt away. As seen in the image, Salinas, who projects the profile of an experienced businessman, bases these views on historical economic data.
Believing that a Bitcoin price of $1 million is inevitable in the future, Salinas admits he doesn’t know when this rise will occur but believes demand will increase every day. The billionaire, who is also seen as a potential presidential candidate for Mexico’s 2030 elections, emphasizes that Bitcoin (BTC) is not just an investment but also a hedge against the financial system.