Mexican billionaire Ricardo Salinas remains bullish on bitcoin after plunge

• Ricardo Salinas urged his followers to buy bitcoin as protection against inflation and control.
• Salinas said he has 70% of hits liquid assets in bitcoin during an interview last year, up from 10% in 2020.
• The Mexican crypto advocate has said he views fiat currency as fraudulent and positions bitcoin as the primary means of preserving purchasing power.

Mexican billionaire Ricardo Salinas, one of that country’s richest individuals, hasn't been shaken by the recent crash in the price of bitcoin.

“Take advantage and buy now while it’s down," said Salinas in a Sunday X post. "Investing in Bitcoin is protecting your money against inflation and keeping it out of the hands of those who want to steal it from you."

The comment from the longtime bull came following bitcoin's plunge in recent months to its current level of $66,000. Salinas shared the message alongside an older clip of him defending bitcoin's ability to support freedom, doubling down on a stance he’s held for years.

Salinas, whose estimated net worth is around $4.9 billion, has been one of Latin America’s most vocal bitcoin advocates. In past interviews, he’s described fiat currency as a “fraud” and called bitcoin “the only way out” for preserving purchasing power.

In an interview last year, he said 70% of his liquid assets were linked to bitcoin. The remaining 30% was in gold and shares of gold mining firms.

• Bitcoin slipped back to $65,400 during U.S. trading Monday after it failed to hold a modest overnight rebound.
• U.S. stocks were sharply lower, with the embattled software sector — of late perfectly correlated with crypto — down another 5% and private-equity shares continuing to plunge.
• Bitcoin is acting like a "high-beta risk play," not "digital gold" as investors pull back from speculative assets, LMAX strategist said.

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