Ricardo Salinas Pliego, a prominent Mexican entrepreneur and businessman, has long been influenced by discussions around “hard money” at the dinner table. Born in Mexico City in 1955, he is the founder and chairman of Grupo Salinas, a diverse corporate conglomerate that spans telecommunications, media, financial services, and retail. He took the reins of Grupo Elektra in 1987, initially a family-owned furniture manufacturing company founded in 1906, and deftly pivoted its focus toward appliances, electronics, and consumer credit, catering to Mexico’s burgeoning middle class. Salinas’ expansive empire now includes notable entities such as Banco Azteca and TV Azteca.
His financial philosophy, deeply rooted in the devaluation of fiat currency, was forged in his early years. Salinas has pointed to the pivotal moment in 1971 when President Richard Nixon severed the U.S. dollar’s link to gold, which marked the end of the gold standard. “The conversation at the family table, way back then, with my grandfather and my father was always about gold,” he shared in a recent interview, emphasizing the avoidance of what he describes as the “fiat fraud” instigated by Nixon. The Salinas family has historical ties to gold and silver mining, giving personal weight to these discussions.
Over the years, Salinas has become a fervent advocate for bitcoin, arguing that its attributes, such as being unseizable and easily transferable worldwide, surpass those of fiat money and traditional gold. His commitment to bitcoin has expanded significantly, with his portfolio allocation growing from 10% in 2020 to a striking 70% today, reflecting an increasing conviction over the past five years.
In June 2021, Salinas revealed plans for Banco Azteca to become the first bank in Mexico to accept bitcoin, an initiative that received mixed reactions—support from the crypto community but skepticism from Mexican financial regulators. Although the project faced hurdles, his belief in bitcoin only intensified. In a notable incident that year, fueled by a desire to invest $400 million in bitcoin while lacking the necessary liquid funds, Salinas took an unorthodox approach by borrowing against Grupo Elektra shares. Despite being swindled by a fraudulent lender, Salinas’ faith in bitcoin remained unshaken.
During Bitcoin 2022, he addressed the audience, elaborating on what he calls the “fiat fraud,” critiquing centralized institutions that compromise users’ wealth through fiat currency devaluation. Salinas emphasized the personal nature of his conviction, stating that it is one thing to understand the problem theoretically but quite another to have experienced it firsthand.
With approximately 70% of his investment portfolio now in bitcoin, Salinas encourages others to consider similar investments, even suggesting they take drastic measures. He recounted persuading his wife to mortgage their home to acquire bitcoin, urging that many people’s most significant asset is their home equity, which could be mobilized for bitcoin exposure.
Salinas draws a historical comparison to illustrate his point: in January 2016, bitcoin was valued around $400, while the average Central London property cost about $1.6 million—equivalent to nearly 4,000 bitcoin. Today, that same property would be valued at fewer than 30 bitcoin. He sees this trend as indicative of bitcoin’s potential and urges investors to capitalize on the asymmetrical upside of the asset.
When questioned about the price predictions from other bitcoin enthusiasts, such as Cathie Wood and Michael Saylor, who foresee the cryptocurrency reaching seven figures, Salinas was succinct, declaring, “So it will be a million dollars. I just don’t know when.” His unwavering belief in bitcoin’s future potential continues to shape not only his personal investment strategy but also his advice to others navigating the evolving financial landscape.
