Latest news with #RicardoSalinas
Yahoo
5 days ago
- Business
- Yahoo
Billionaire Ricardo Salinas Says Sell Your Home And Buy Bitcoin
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. One of Latin America's wealthiest men is ramping up his advocacy for Bitcoin. "You have a house?" Grupo Salinas Chair Ricardo Salinas said on an episode of Robert Breedlove's "What is Money?" podcast released last week. "If you think that's your investment, sell the house and buy Bitcoin and rent, or keep the house, take a mortgage, buy Bitcoin and then use the Bitcoin to cover your spending needs as they show up." Salinas' remarks are a significant escalation from his previous advice that individuals employ a dollar cost averaging strategy to get into Bitcoin. The escalation comes as the billionaire says individuals are facing an imminent threat of having their savings eroded, touting Bitcoin as the only way out. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. $100k+ in investable assets? – no cost, no obligation. He said that while a house was a good investment, it did not "stand a chance against Bitcoin," as the value of houses has historically gone down against the cryptocurrency asset. "You can't take the house with you if something happens," he said, outlining more downsides of real estate against Bitcoin. "And you know you get the property tax and you get the maintenance." Salinas said that amid the U.S.' mounting debt burdens, the government will soon attempt to liquidate the debt through inflation. The process of liquidating debt typically involves bringing interest rates below inflation, triggering more inflation that reduces the real value of the debt. Indeed, this is a strategy that President Donald Trump appears to be leaning towards, with multiple calls for the Federal Reserve to cut rates. Salinas said Mexico went through a similar occurrence in the 1980s, adding that he saw the currency exchange rate go from 20 pesos to a dollar to 3,000 pesos to a dollar in six years. Trending: It's no wonder Jeff Bezos holds over $250 million in art — Over the years, Salinas has built a public image of a libertarian who is opposed to the fiat system and inflation. "This fiat thing, which is a direct consequence of Keynesian economics, has to be put to death, you know, like the spike of the vampire with a silver bullet through the heart," he told Breedlove. In May, Salinas released a book called "The Bitcoin Enlightenment," co-authored with fellow Bitcoin proponents Pascal Hügli and Daniel Jungen. In the book, he expands on his distrust of the fiat system and his belief that Bitcoin is the way out. And per recent public claims, Salinas is putting his money where his mouth is."In my personal portfolio, the one I manage myself... Yeah, I'm pretty much all in," he told Bloomberg in March. I've got about 70% in Bitcoin-related exposure and 30% in gold and gold miners. I don't have a single bond and I don't have any other stocks except my own." Salinas' disclosed 70% allocation is a significant jump from the 60% he had announced in 2022. Beyond personal investments, Salinas disclosed plans to allow his bank, Banco Azteca, to accept Bitcoin in 2021, but he could not proceed with the plan due to regulatory hurdles in Mexico. Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are . Image: Shutterstock This article Billionaire Ricardo Salinas Says Sell Your Home And Buy Bitcoin originally appeared on
Times
18-05-2025
- Business
- Times
Astor family name ‘used to dupe businessman in $416m loan scam'
The name of the Astor family, whose scions include the proprietor of The Times between 1922 and 1966, resonates with wealth, influence and impeccable establishment credentials. That very reputation appears to have been used by an alleged fraudster to deprive a Mexican billionaire of more than $416 million in shares, according to extraordinary allegations made in courts in Britain and Monaco. The case stems from when a business called Astor Asset Management 3 offered to lend Ricardo Salinas $113.8 million. The tycoon, who believed the company was 'owned by the wealthy Astor family', agreed to offer up $416.3 million in shares of his company Grupo Elektra as collateral. Salinas's executives were told they would be discussing the deal with Thomas Mellon, who was described in
Yahoo
07-05-2025
- Business
- Yahoo
Billionaire abandons gold for ‘hard asset'
Mexican billionaire Ricardo Salinas has doubled down on his Bitcoin belief, now making up 70% of his portfolio. In a recent interview with Bloomberg, the Mexico-born billionaire stated he currently does not own any bonds or foreign stocks—just Bitcoin, gold, and equity in his firms. 'I don't have a single bond, and I don't have any other stocks except my own,' said Salinas. Salinas, who is worth $5.1 billion as per Forbes, encouraged long-term thinking regarding a 'hard asset' like Bitcoin. The billionaire explained, 'You have to think 10 years and buy everything as you can. It's not going to go anywhere except up.' Bitcoin's capped total supply of 21 million coins — 20 million already mined out — was the chief reason for Bitcoin's greater appeal than gold, he said. 'Gold gets inflated about 3% a year… Bitcoin doesn't.' Speaking publicly since the stock price of Grupo Elektra collapsed by 70% and a legal standoff with Mexican tax authorities, Salinas appeared to be confident, , as per Bitcoin Magazine. He said he intends to take Elektra private and stated his businesses are solid despite political headwinds: "Now I'm free to do my thing." Salinas called Bitcoin "the hardest asset in the world," using dollar-cost averaging as the best approach. He added, 'Buy so much per month… that will take the uncertainty away.' Salinas' strategy firmly puts him among the world's most high-profile champions of corporate Bitcoin—betting both his fortune and his reputation on the belief in Bitcoin's survival and thriving over the next ten years. In 2021, Salinas publicly supported Bitcoin, calling fiat currency a 'fraud'. At press time, Bitcoin is trading at $93,760.32, down by 0.29% over the last day, as per Kraken's price feed.
Yahoo
19-03-2025
- Business
- Yahoo
Crypto vs. Gold: As Recession Fears Loom, Which Is the Superior Hedge?
All eyes are now on gold as the ultimate safe-haven asset. The price of gold just hit $3,000 per ounce, an all-time record. That comes amid a correction in the equity markets, a substantial decline in the crypto market, and widespread concerns about what's going to happen next with U.S. economic policy. But don't forget about Bitcoin (CRYPTO: BTC), which has often been referred to as "digital gold." A growing number of top investors now consider Bitcoin to be superior to physical gold as a store of value, a hedge against inflation, and a safe haven amid economic uncertainty. But is it? To answer that question, it's important to understand the unique characteristics and features of Bitcoin. Most importantly, the total lifetime supply of Bitcoin is capped at 21 million coins, and nearly 20 million coins are already in existence. That imbues Bitcoin with tremendous scarcity. Almost all the Bitcoin that will ever exist already exists. But that's not all. Bitcoin is also completely decentralized, meaning that no central bank, sovereign government, or Wall Street investment bank can alter the underlying Bitcoin algorithm. One of the unique features of this algorithm is the Bitcoin halving mechanism. Every four years, the rate of new Bitcoin supply is cut in half, making it a disinflationary asset over time. This is a key reason why so many people believe that Bitcoin can be a powerful hedge against inflation. Due to the cryptographic nature of blockchain technology, Bitcoin is also highly resilient against government expropriation or other forms of asset seizure. This is one reason why billionaire Ricardo Salinas -- one of the five richest people in Mexico right now -- refers to Bitcoin as the "hardest asset in the world" -- even harder than gold. And there's one more feature of Bitcoin that makes it so unique. It is purely digital, and can be moved across borders nearly instantaneously. Bitcoin was originally designed to be a peer-to-peer digital currency, without the need for any third-party intermediaries. While the cost of transferring Bitcoin to someone else is not free, you don't need a bank or some other financial institution to step in and collect a fee. For the sake of argument, let's assume that you are not planning to invest in either Bitcoin or gold directly. That is, you're not planning to buy Bitcoin in the spot crypto market, and you're not planning to buy gold bars at Costco. Instead, you're likely to invest in both Bitcoin and gold via exchange-traded funds (ETFs). Doing so enables you to change your portfolio allocation mix easily and effectively. The most popular spot Bitcoin ETF is the iShares Bitcoin Trust (NASDAQ: IBIT), so let's compare its performance to that of its cousin, the iShares Gold Trust (NYSEMKT: IAU), over the past 15 months. As you can see from the chart, the iShares Bitcoin ETF has outperformed the iShares gold ETF over the past year when the market was flat or moving higher, but it has badly underperformed the gold ETF during negative market conditions (such as those we're experiencing now). That helps to explain why so much money is now flowing into gold ETFs. People are legitimately concerned about their economic future, and some have already hit the panic button. This recent performance is particularly disappointing for Bitcoin supporters, because it neuters the argument that Bitcoin can be a useful hedge during recession or extreme market pullbacks. The same phenomenon happened in 2022, when Bitcoin lost 65% of its value, amid a broader market downturn. Theoretically, "digital gold" should offer the same (or maybe even superior) hedge against recession as physical gold. But as we all know, real life doesn't always follow theory. If you are extremely concerned about a recessionary downturn eroding your hard-earned savings, it looks like gold is the better hedge. You simply can't argue with its 4,000-year track record. That being said, I'd be open to changing my mind if one key thing happens: Bitcoin loses some of its correlation with the equity markets. A low correlation with stocks was what made Bitcoin so special over the past decade; it seemed to be completely uncorrelated with any major asset class, and that provided enormous diversification benefits. But if Bitcoin is going to sink in value every time that equity markets do, it becomes much less useful as a hedge. It's embarrassing to admit defeat at the hands of the gold bugs, but that looks like the final outcome here. Until Bitcoin can zig when stocks zag, gold looks to be the superior recession hedge in 2025. Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $315,521!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $40,476!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $495,070!* Right now, we're issuing 'Double Down' alerts for three incredible companies, and there may not be another chance like this anytime soon.*Stock Advisor returns as of March 14, 2025 Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Costco Wholesale. The Motley Fool has a disclosure policy. Crypto vs. Gold: As Recession Fears Loom, Which Is the Superior Hedge? was originally published by The Motley Fool Sign in to access your portfolio
Bloomberg
04-03-2025
- Business
- Bloomberg
Billionaire Salinas on Delisting, Crypto, Trump Tariffs
Mexican billionaire Ricardo Salinas is defiant as ever. In an interview with Bloomberg News, he argues that his banking and retail conglomerate is as solid as ever and will benefit from his plan to delist from public trading. He's excited about the future of his fiber-optic Internet business. And he's plotting ways to plant the seeds for a more robust political opposition in Mexico to challenge the dominant ruling party and champion free markets and liberties. (Source: Bloomberg)
