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For Marcelo Claure and Ricardo Salinas, Bitcoin Is the Best Way To Maintain Their Wealth

The ex-CEO of SoftBank International and Ricardo Salinas Pliego count themselves among the greatest believers in cryptocurrencies

The Miami Bull, an 11-foot, 3,000-pound statue, outside the Miami Beach Convention Center during the Bitcoin 2022 conference in Miami.
April 07, 2022 | 12:06 pm

Some billionaires who move their money and allocate assets into crypto will surely have huge opportunities to maintain their wealth… that seems to sum up a discussion held by Marcelo Claure, Ricardo Salinas Pliego, and Orlando Bravo, among others, during Bitcoin 2022, the huge conference on this cryptocurrency in Miami.

“We’re starting to see Bitcoin (BTC) as one of the safest ways for us to maintain our wealth,” investor Marcelo Claure told the audience. “But more importantly, it’s probably the only investment that exists today where the potential of gains is so larger than the potential of fails.”

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Along these lines, Mexican billionaire, Salinas Pliego (owner of retailer Elektra, TV Azteca, and banco Azteca, among other companies), suggested avoiding the classic 60-40 allocation of assets (60% in assets and equity and 40% in bonds), and focus more on liquidity.

Both Bitcoin advocates participated in a panel called “Billionaire Capital Allocators.”

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“I don’t definitively have any bonds. I have a liquid portfolio (…) I have 60% in Bitcoin and Bitcoin equity, and then 40% in hard-asset stocks like oil and gas and gold mining,” Salinas said. According to Bloomberg Billionaires Index, Salinas Pliego ranks third among Mexico’s richest, with a fortune of $12.8 billion.

The Mexican businessman has been a champion for Bitcoin, both in Mexico and abroad. Last year, his retail chain Elektra started to accept Bitcoin as a payment.

Salinas went to Twitter to announce this move:

Also, last week, Salinas went to Twitter to defend El Salvador’s president Nayib Bukele from what he called interference by the U.S. in the Central American crypto policy.

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Bukele himself was expected to attend the Bitcoin 2022 conference but canceled due to what he called “unforeseen circumstances” in his country, which during the past weeks has been ravaged by a crime wave and tens of murders by violent gangs, leading Bukele to declare a national curfew.

The B Revolution

According to Claure, who left SoftBank at the end of January after clashes with the firm’s founder, Masayoshi Son over compensations, the investment world is currently going through a new era he calls: “Bitcoin Revolution.” This comes after moments in his career Claure called “the Cellphone Revolution,” and the “AI Revolution” that he saw in his tenures at Sprint, the telco he sold to SoftBank.

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I left my job at Softbank in order for me to learn more and start putting all my knowledge toward this new revolution we’re seeing, and I like to call it the Bitcoin Revolution,” Claure said.

People get promoted for printing money

Salinas left a message to central bankers and countries’ treasuries, who are used to printing money and thus contributing to hyperinflation.

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Hyperinflation really damages two kinds of people,” Salinas said, referring to people who count on their lifetime savings to retire, and the poor ones, who lack any assets at all.

“People that depend on their savings, are very hardly hit (…) The other kind of people that are badly damaged by hyperinflation are the poor people because they don’t have assets (…) So: it’s not a pretty sight, and we should be able to point the finger at who’s responsible, because if you and I go around there printing money, we’d be put in jail for fucking counterfeiting, right? And they get promoted to the Treasury.”