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Mexico’s Third Richest Man Says No To Bonds, Yes To Bitcoin

Ricardo Salinas Pliego is the third richest man in Mexico who has been making headlines for his stance on bitcoin. The billionaire noticed Elektra, a grocery store chain, develop into the primary to settle for bitcoin funds sooner or later. He has additionally been a powerful advocate for investing within the digital asset as opposed to conventional belongings. This time round, the billionaire has shocked traders after revealing that he now holds nearly all of his portfolio in bitcoin.

60% To Bitcoin

During the Bitcoin convention that is being held in Miami, billionaire Ricardo Salinas made a stunning revelation. He stated that almost all of his portfolio was in bitcoin and bitcoin equities, making up a complete of 60% of the stated portfolio. This is up considerably from the 10% of his total net worth that Salinas had said was in the digital asset final yr. Going by because of this Salinas at present has billions of {dollars} value of publicity to the pioneer cryptocurrency.

Bit

Although the allotted portion of the billionaire’s portfolio to bitcoin is giant, it is no shock that he selected to make the leap. For the longest time, Salinas has been advising traders to put a portion of their portfolios into the digital asset. Often advising in opposition to storing wealth in fiat currencies.

Bitcoin price chart from TradingView.com

BTC continues on downtrend | Source: BTCUSD on TradingView.com

It’s A No For Bonds

Bonds have been a means for the ultra-wealthy to safe protected returns for the longest time. However, with inflation charges rising quicker than the rates of interest on these bonds, curiosity in them has declined over time and Salinas appears to be like to have sworn them off utterly.

When requested about his portfolio allocation, the billionaire stated that he didn’t have any portion of his portfolio in bitcoin. Rather, he had a liquid portfolio that was made up of bitcoin and different arduous asset shares. “I definitely don’t have any bonds,” Salinas revealed. “I have a liquid portfolio—I have 60% in Bitcoin and Bitcoin equities, and then 40% in hard asset stocks like oil and gas and gold miners, and that’s where I am.”

Related Reading | The NFL’s First Team To Accept Crypto? The Tennessee Titans

He proceeded to blast bond investments which he stated have been a horrible selection. Given that rates of interest have refused to go up and the ensuing bond sell-offs which were happening globally, the billionaire’s stance on bonds is not a shock.

“Bond investment is a terrible investment. I wouldn’t touch a bond with a 10-foot pole,” the billionaire stated. “It’s just the worst thing. I mean, the best thing that can happen to you is you get back your $100. That’s the best thing that can happen.”

Ricardo Salinas Pliego is rated because the third richest man in Mexico with a web value o round $13 billion. He owns Grupo Elektra, a retail grocery store chain, an organization that he inherited from his father, and TV Azteca, a Mexican TV broadcaster. 

Featured picture from OI Canadian, chart from TradingView.com

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