Bitcoin Gets a Billionaire Boost From Mexico’s Third-Richest Man

Summary: Mexico’s third-richest individual, Ricardo Salinas Pliego, has increased his Bitcoin holdings despite a recent price drop. The billionaire investor sees the digital asset as a safeguard against inflation and remains undeterred by market volatility.

Background: Salinas Doubles Down on Bitcoin

Ricardo Salinas Pliego, founder and chairman of Grupo Salinas, revealed in a recent Kitco News interview that he has boosted his investment in Bitcoin. While he didn’t disclose exact figures, he described the increase as a “considerable increment” to his already Bitcoin-heavy portfolio, which reportedly comprises around 70% of his assets.

Pliego emphasized that he isn’t seeking the perfect entry point. Instead, he’s focused on accumulating more Bitcoin now, anticipating future gains as the digital asset matures.

Market Outlook: Volatility Viewed as Opportunity

Bitcoin is currently trading around $104,900, down over 6% from its all-time high of $112,000, largely due to recent geopolitical tensions affecting global markets. However, Pliego sees this dip as a buying opportunity rather than a reason to panic. His sentiment echoes that of other institutional investors who are also accumulating Bitcoin during downturns.

On-chain metrics indicate that wallet balances among large holders are increasing, suggesting a broader accumulation trend despite the recent price correction.

Economic Hedge: A Stand Against Fiat Devaluation

Pliego has been a vocal critic of fiat currencies, warning that they consistently erode purchasing power. Citing historical data, he noted that the US dollar has lost approximately 90% of its value over the last four decades. He shares the same investment philosophy as figures like MicroStrategy’s Michael Saylor, viewing Bitcoin as a hedge against central bank money printing.

He outlined these views in his book, The Bitcoin Enlightenment, where he champions Bitcoin as a financial revolution and an eventual replacement for traditional currencies.

Long-Term Belief Remains Firm

Acknowledging Bitcoin’s inherent volatility, Pliego encourages investors to focus on the long-term trajectory rather than short-term price swings. “Focus on where this thing is going,” he said. His confidence is supported by other market leaders, including Coinbase CEO Brian Armstrong, who believes sovereign wealth funds will one day hold more crypto than gold.

Betting Big: A Billionaire’s Crypto Conviction

Pliego hasn’t ruled out the possibility of going all-in on cryptocurrency, potentially allocating 100% of his wealth to digital assets. It’s a bold move, especially given crypto’s history of sharp intra-day movements, but one that underscores his conviction.

Currently buying at around $104,701, Pliego is undeterred by recent declines. He views Bitcoin not just as an investment, but as a strategic escape from fiat risk, and continues to urge others to adopt a similar stance.

Whether his bet results in outsized returns or steep losses remains to be seen, but his unwavering belief signals strong confidence in Bitcoin’s future from one of Latin America’s wealthiest investors.

Featured image from Unsplash, chart via TradingView