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The tycoon invests 70% of his personal capital in the pioneer digital currency.
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After Elektra’s fall in the stock market, he defends his vision of financial freedom.
The Mexican businessman Ricardo Salinas, founder of the Elektra group and one of the richest men in the country, says he found in Bitcoin (BTC) a financial refuge while fighting a legal battle against the government for a fiscal debt of 63,000 million pesos (about 3,000 million dollars).
In a recent interview, Salinas revealed that 70% of your personal investments are linked to Bitcoinwhile the remaining 30% is distributed in gold and mining of this metal, moving away from traditional bonds and actions.
The decision to act that way comes in the midst of the turbulence generated after the fall of the actions of the Elektra group, its flagship company, which registered one of the greatest losses in its history.
The company suffered the loss of 11.6 billion Mexican pesos (more than $ 545,000) in the period of October and December last year, which contrasts with the 773 million pesos (330,000 dollars) that recorded in profits during the year 2023. and after the shares of the Elektra group collapsed 70%, after the Mexican stock exchange suspended its price, 5,000 million dollars were erased from their fortune, reducing its assets to 5.8 billion dollars, according to Bloomberg.
Salinas in dispute with the Mexican State
The businessman plans to completely withdraw Elektra from the public market in May, taking into account that, for now, only 0.3% of the shares of his conglomerate are in circulation. He says he does not need public capital and that if he needs to raise money, he will look for partners instead of raising debt or capital.
“We will simply reorganize the group in different units, and if we see an opportunity to make a joint business with someone or bring new money for a specific program, we will do it. But not now. I don’t need it “
Ricardo Salinas Pliego, Mexican businessman.
Salinas was optimistic. He is known for his libertarian position and its activism in social networks (where it has 2 million followers like “Uncle Richie”), and does not hide their skepticism towards government economic policies. “The State is an obstacle to individual freedom,” he criticized, defending his commitment to Bitcoin and, to a lesser percentage, for precious metals as alternatives to a system that considers oppressive.
Economic freedom: the manifesto of “uncle Richie”
In line with his speech, the tycoon praised figures such as Argentine President Javier Milei – who called “an inspiration” – and Salvadoran Nayib Bukele, whose focus against gangs proposes to replicate in Mexico: “He would apply his model: 40 years in jail for anyone in a band.”
At another time, Salinas has expressed his support on the adoption of Bitcoin that promotes Bukele in El Salvador and the Azteca Bank of his property, he supported the golf event that attracted some 300 investors to the Central American country.
At present, Salinas has a confrontation with the administration of Claudia Sheinbaum, whose government accuses “double taxation” and refuses to pay taxesas well as the fines accumulated during the legal dispute. “I will pay one thing, not both,” he warned.
Its main request is that the government improves “the rule of law, security and justice for common people.” And, although he discards a presidential candidacy for now in 2030 – »it would be a radical change» -, he does not move away from the political arena. “I am 100% in politics: I sell ideas, I criticize the bad and promote the good ones,” he said, referring to His campaign for economic freedom and his university of freedomopened in 2023 to form leaders under their philosophy.
Meanwhile, Salinas argues that “the best tool against the oppressor state is Bitcoin,” and often encourages his followers to focus on the pioneering digital currency.