Mexican Billionaire Puts 70% Portfolio into BTC, Calls for Bitcoin Rally to $1M

As Bitcoin Price struggles to maintain the brief $66,000 support, a recent BTC update appears to have provided some relief to investors. For context, a recent report showed that a Mexican billionaire has allotted 70% of his portfolio to Bitcoin.

This showed that the billionaire is optimistic about the long-term potential of the flagship crypto, suggesting a potential upside ahead for the crypto. In addition, he has also made a bullish call for BTC price to hit $1 million in the future.

Mexican Billionaire Makes Heavy Bet on Bitcoin

A recent report highlighted that Mexican business magnate Ricardo Salinas Pliego has allocated nearly 70% of his investment portfolio to Bitcoin. This aggressive positioning by the seventh-richest Mexican billionaire reflects a strong conviction in the future of BTC.

Meanwhile, he believes that traditional fiat currencies will steadily lose purchasing power due to inflation and monetary policies. Besides, Salinas has also encouraged others to consider Bitcoin exposure.

In earlier remarks, he even suggested leveraging assets like home equity to invest in the digital currency. According to the report, he views Bitcoin (BTC) as a superior store of value compared to conventional options like real estate over the long run.

BTC Price to $1M? Bhutan Selloff Fuels Concern

Apart from allocating 70% of his portfolio into Bitcoin, Ricardo Salinas Pliego also made a bold Bitcoin price prediction. He said that BTC price will eventually reach the most discussed $1 million mark. However, he hasn’t provided any specific timeline for the prediction to come true.

This prediction also comes in tandem with Cathie Wood’s call for Bitcoin price to hit $1.25 million, which has caught the eyes of traders. Similarly, Strategy Chairman Michael Saylor has also predicted the flagship crypto to $700k, suggesting his long-term confidence in the asset.

However, despite that, Bitcoin price continues to face short-term pressure. At the time of writing, BTC price traded near the flatline at $65,900, recovering from a 24-hour low of $64,505.

Notably, the short-term woes also come as the Royal Government of Bhutan has moved another $34.61 million in Bitcoin to Binance. The Bhutan Govt has made many BTC movements to exchanges this year, which has further fueled concerns over continuing selling pressure ahead.

Notably, the Government still has $113.69 million in Bitcoin in its portfolio, which continues to weigh on the investors’ sentiment.