Bitcoin and bitcoin equities make up 60% of billionaire Ricard Salinas Pliego's liquid portfolio, he told conferencegoers in Miami on Thursday.
Mexico's third-wealthiest person at the Bitcoin 2022 conference called bonds a "terrible investment".
Salinas Pliego runs Mexican broadcaster TV Azteca and retailer Grupo Elektra.
Bitcoin is a good place to be investment-wise, according to Mexican billionaire Ricardo Salinas Pliego who told attendees at a conference in Miami on Thursday that the majority of his liquid portfolio has exposure to the world's most valuable cryptocurrency.
"I definitely don't have any bonds," and in a liquid portfolio, "I have 60% in bitcoin and bitcoin equities and then 40% in hard-asset stock like oil and gas and gold miners and that's where I am," Salinas Pliego said on a panel at the Bitcoin 2022 conference in Miami, with his remarks posted in a video clip on Documenting Bitcoin's Twitter account.
Salinas Pliego runs Mexican TV broadcaster TV Azteca and retailer Grupo Elektra and his net worth was around $12.9 billion as of Thursday, according to Forbes, which in 2021 ranked him as the third-wealthiest person in Mexico, according to Forbes.
Before mentioning the broad breakdown of his liquid holdings, Salinas Pliego shunned bonds. His remarks came as the global bond market has sharply sold off in 2022 as the Federal Reserve and other central banks work on raising interest rates and tightening monetary policy to tamp down high levels of inflation.
The return on the US bonds was heading for its worst performance since 1949, Bank of America said in late March. The volatility and drawdowns in the bond market have spurred questions about the classic 60/40 stock and bond portfolio allocation.
"Bond investment is a terrible investment. I wouldn't touch a bond with a 10-foot pole. It's just the worst thing. I mean, the best thing that can happen to you is you get back your $100. That's the best thing that can happen," said Salinas Pliego.
Bitcoin during Thursday's session traded around $43,600, down nearly 6% on a year-to-date basis but off its 2022 lows below $36,000. Bitcoin's market value was around $830 billion.