Mexican billionaire Ricardo Salinas Pliego allocates 70% of portfolio to Bitcoin, predicts $1M price

Key facts

• Mexican billionaire Ricardo Salinas Pliego has allocated approximately 70% of his investment portfolio to Bitcoin.
• Salinas Pliego views Bitcoin as a superior long-term store of value compared to traditional assets.
• He has predicted that Bitcoin's price will eventually reach $1 million.
• The Royal Government of Bhutan recently moved $34.61 million in Bitcoin to Binance.
• Bhutan's government still holds $113.69 million in Bitcoin.

Mexican billionaire Ricardo Salinas Pliego has allocated nearly 70% of his investment portfolio to Bitcoin, viewing it as a superior store of value to traditional fiat currencies which he believes will lose purchasing power due to inflation. He has also encouraged others to consider Bitcoin exposure, even suggesting leveraging assets like home equity.

Salinas Pliego made a bold prediction that Bitcoin's price will eventually reach the $1 million mark, though he did not provide a specific timeline. This prediction aligns with similar bullish calls from Cathie Wood, who forecasts $1.25 million, and Michael Saylor, who predicts $700,000.

Despite these optimistic outlooks, Bitcoin has faced short-term price pressure, trading near flatline at $65,900 after a recent low of $64,505. Adding to investor concerns, the Royal Government of Bhutan has moved another $34.61 million in Bitcoin to Binance, following previous transfers this year. The Bhutanese government still holds $113.69 million in Bitcoin, which continues to weigh on investor sentiment.