Ricardo Salinas, one of Mexico’s wealthiest individuals and the chairman of Grupo Salinas, has significantly increased his Bitcoin holdings.

The billionaire recently revealed that 70% of his investment portfolio is now in Bitcoin-related assets, a dramatic rise from just 10% in 2020. His decision reflects a deep belief in Bitcoin’s long-term value and scarcity.

A Shift Towards Bitcoin Over Traditional Assets

In an interview with Bloomberg on March 4, Salinas said he is “pretty much all in” on Bitcoin, with the remaining 30% of his portfolio allocated to gold and gold mining companies. He emphasized that Bitcoin is the “hardest asset in the world” due to its fixed supply cap, contrasting it with gold, which increases by about 3% annually through mining.

The 70% allocation to Bitcoin does not include his stakes in Grupo Elektra, a major retail and financial services company with a market capitalization of $3.64 billion. Salinas has been vocal about his confidence in Bitcoin, urging investors to adopt a dollar-cost averaging strategy—buying small amounts regularly over time. He also advised holders never to sell their Bitcoin.

Long-Time Bitcoin Advocate Facing Regulatory Challenges

Salinas’ venture into Bitcoin started a decade ago, where he first encountered the asset through former Grayscale CEO Barry Silbert. His first purchase was at the price of $200, and has steadily accumulated more since then. As of 2022, he had expanded his holdings to 60% of Bitcoin, but has now increased it to 70%.

Salinas has also been trying to incorporate Bitcoin into the formal economy of Mexico. Since 2021, he has been advocating for Banco Azteca, one of his company’s subsidiaries, to be the first Mexican bank to accept Bitcoin. This goal’s achievement, however, has been hindered by various regulations.

His latest activity only reaffirms his Solana’s belief that Bitcoin is a far better store of value than other traditional assets. It will be interesting to see, as he increases his holdings, if other ultra high net worth individuals will follow him.