Most individuals most likely do not know who Ricardo Salinas is. However if you wish to be a profitable investor, particularly in cryptocurrencies, he’s a person it is best to watch. He did not develop into a billionaire for no cause. And proper now, he’s going all-in on the preferred cryptocurrency.
What’s the popular cryptocurrency of Ricardo Salinas? The reply needs to be Bitcoin (CRYPTO: BTC). Whenever you be taught what Salinas thinks about it, you may instantly know why.
Are You Lacking The Morning Scoop? Get up with Breakfast information in your inbox each market day. Sign Up For Free »
When it handed the $77,000 mark, Salinas went on social media stating his earlier prediction on the approaching appreciation of Bitcoin turned out to be right. However he additionally stated that there is nonetheless extra time to purchase the cryptocurrency, implying a rally that may proceed to energy forward. Now Bitcoin has crossed the $100,000 mark.
Might there be a extra bullish tackle Bitcoin and its long-term worth? You must know that Salinas is placing his cash the place his mouth is. Almost 5 years in the past, he claimed that nearly 10% of his liquid property have been invested in Bitcoin.
Since that point, its worth has risen by roughly 1,000%! Suppose Salinas is cashing out? Suppose once more. He continues to see Bitcoin as a strong hedge towards financial volatility. Given that he’s from Latin America, Salinas most likely understands higher than most individuals how inflation and fiat currency devaluation can kill a portfolio. Bitcoin, he believes, is one of the best antidote to those ever-present challenges.
Traditionally, the extra conventional hedge towards financial uncertainty has been gold. It at present has a market cap of round $18 trillion, whereas the crypto’s market cap nonetheless hovers round $2 trillion. As a retailer of worth alone, then, Bitcoin nonetheless has loads of potential upside versus gold.
Salinas definitely views issues that manner. Earlier this 12 months, he confused that the digital token has “extraordinary properties,” calling it “gold for the fashionable world.”
Whereas estimates fluctuate, Salinas at present has a complete internet price someplace round $10 billion. And whereas we do not know precisely what number of bitcoins he owns, based mostly on his previous statements, it is cheap to imagine that his stake is price someplace within the tens of tens of millions of {dollars} — maybe even within the lots of of tens of millions.
And provided that he urged his household and followers to load up on it as not too long ago as final summer time, it is cheap to imagine he is nonetheless holding sturdy, particularly since his funding thesis relies on long-term elements that will not dissipate anytime quickly.
