Mexican billionaire believes Bitcoin will exceed $800,000

[headingnorth]

As a fairly successful businessman, I believe that Ricardo Salinas must have conducted extensive analysis before making his predictions. It is impossible for a successful businessman like him to speak without data and analysis.

Donald Trump is also a billionaire, but says things that aren't true probably at least ten times a day.
Just because someone is a billionaire doesn't make them smart or that they aren't prone to telling you lies and BS.

So you shouldn't believe someone just because they are rich.

Until Mr. Salinas provides the data and analysis he is using, if any, as the basis for his bitcoin prediction then he is doing nothing
but blowing smoke up your ass.

If a wealthy businessman is not immune to bragging, at least their boasts seem more credible because they have demonstrated remarkable results with their wealth and businesses. Compared to the boasts of ordinary people like us, I think we might even brag more than they do, even though we are not as successful as they are.  

Most billionaires like Trump and Salinas inherited much of their wealth. It doesn't make them financial geniuses or always right about everything.

If you had taken Salinas' advice to buy bitcoin at $100K when he first said bitcoin was going to $1.5 million last year than you would be down 15 to 20% by now.
That doesn't seem very smart to me. And why did he change his mind about the price? First he said bitcoin was going to $1.5 million but now says
it will go to $800K. Why? Maybe he will cut his prediction in half again next year.

People who make such bold predictions never provide any rational for it, and never explain why whenever they change their minds.
Saylor and Wood have also made similar predictions and both have cut their predictions by more than half without explanation LOL.

[serjent05]

What are your thoughts on this?

It is not rare to see businessman or wealthy people get into Bitcoin.  And it is also not a news that many of them believes that Bitcoin will exceed $800k probably majority of them thinks that Bitcoin can even exceeds $1m.

This kind of publishment simply has a goal, and that is to support the Bitcoin market, indirectly saying that there is no need to worry because there are wealthy people who are very bullish to Bitcoin.  Aside from that, this billionaire, despite his age is really open-minded.  He knows how to adapt to the new trends.

Making predictions about Bitcoin without putting a timeframe is much better. I love the way he made the presentation and also the fact that he is holding 70% of his wealth in Bitcoin. He is right, Bitcoin will even get to $1m one day, it might take many years before Bitcoin get there but we will eventually see Bitcoin in that price. This idea is my motivation for holding Bitcoin which will definitely do greater in the future.

True, it sounds more convincing to give a general prediction without any time frame than those who predict the price of Bitcoin with a time frame and often end up in disgrace.

[gibrab16]

What I find interesting is how open he is about it. Most wealthy people hedge quietly. Him saying “70% BTC” publicly definitely raises awareness, but it also makes newcomers think that’s the “correct” allocation. Question is: does this help adoption, or does it create unrealistic expectations and future disappointment? Curious how others see that.

[colinistheman]

For that to happen every person on earth would have to own $2,000 worth of bitcoin.
Bitcoin would be worth more than all of the Magnificent 7 companies combined.

Without any significant sources of non-speculative demand that is delusional at best.

Like gold, it could reach a market capitalization of over $30 trillion without necessarily require the entire world's population to invest in it. Similarly, to reach $800k or $1 million, Bitcoin doesn't need the entire population to have a need for and invest in it. For that to happen, we need to see Bitcoin adoption continue to expand globally, and central banks viewing it as an alternative to gold and accumulating to diversify their strategic reserves.
But we also need to be realistic, this will not be easy to achieve and will probably take longer than we think. It will probably take several more decades for Bitcoin to reach $800k or $1 million.

[flashroyal57]

I think we'll still see Bitcoin at $200,000. But $1,000,000 is hard to believe because so many people hold stablecoins.

[YOSHIE]

Mexican billionaire believes Bitcoin will exceed $800,000

Yes, Ricardo Salinas has good vision and foresight in terms of Bitcoin speculation, unfortunately if you look at the photo of the billionaire from Mexico, It seems like he didn't have time to see it again when the price of Bitcoin rose to the level of $800k. I am amazed that Ricardo, at his age, had time to speculate and predict Bitcoin's development.

It is very natural for Ricardo Salinas to speculate like that, because from the source data that I have seen, he is a businessman in the banking, telecommunications and media sectors, maybe he has 100 million followers, at least his words can encourage Bitcoin's current growth.

[Free Market Capitalist]

What are your thoughts on this?

I had known about him for some time, but I was not familiar with this specific prediction. However, I'm not passionate about this prediction, it's just one more among many bullish ones, and he's just another well-known figure making this kind of prediction. But after what has happened this year, I have serious doubts about the timeframe for reaching those prices. In other words, I'm pretty sure that Bitcoin will reach $1 million, if only because of currency devaluation, but it may take much longer than we would have expected based on some of the bullish predictions we saw at the beginning of this year.

[Inwestour]

(Source)
Ricardo Salinas a businessman and even a Bitcoin investor is one of the big investors who has faith in Bitcoin. He believes that Bitcoin is the solution or even the way out of the inflation problem. The latest news said that he has a personal portfolio of around 70% in Bitcoin. And I think he might be one of the few people who have complete faith in Bitcoin as we don't often see people who have the courage to invest a large portion of their portfolio in Bitcoin. And he often talks about his belief in Bitcoin publicly. I personally think what he is doing has a positive impact on people's awareness of Bitcoin. And it seems he's been pretty consistent over the past few years as as he continues to increase his Bitcoin holdings or even always consistently provide support for Bitcoin.

What are your thoughts on this?

I try not to pay attention to forecasts from public millionaires, because today they say one thing and tomorrow they can sell all their Bitcoin, as Robert Kiyosaki did, even though he predicted Bitcoin at half a million, in the end, he sold everything at a price of 90к. I also think that having 70% of a portfolio in a single asset is quite risky, especially if it is Bitcoin. But on the other hand, he might get lucky, and I personally expect that over the next 5 or 10 years Bitcoin will reach 500r. So this strategy could be successful for him if he does not sell earlier.

[DubemIfedigbo001]

What are your thoughts on this?

From what I read in that link, he states that we would achieve that if bitcoin reaches gold store of value role. It is still a very far off achievement with gold MC hitting at $30 trillion while BTC is have barely crossed $2.1 trillion, it is a mountain to climb but I still believe it would be possible in the future, although nobody knows when exactly.

For that to happen every person on earth would have to own $2,000 worth of bitcoin.
Bitcoin would be worth more than all of the Magnificent 7 companies combined.

The exaggeration is much IMO, no matter the effectiveness of the adoption gospel, not everyone would still use bitcoin. It would surely take a lot of time to get to that price. I think if more institutions jump in as we're seeing now and more government give bitcoin favorable grounds in their countries, it is very much achievable

[Alpha Marine]

I disagree with the fact that he says Bitcoin will overtake gold in market cap "shortly". That is not going to happen shortly. Even at $800k, Bitcoin's market cap would still just be over half of Gold's current market cap. So Bitcoin is not going to overtake gold's market cap any time soon. We just have to be realistic about it.

I believe Bitcoin will get to $800k at some point and would even go way beyond it, but it's also not "soon". It's going to take time and grow gradually. It could even take more than three cycles for that to happen, because I don't see it happening within the next two halvings.

I wonder why people pay such attention to market cap anyway. It is a flawed way to rate assets. The number of that asset in circulation determines the market cap a lot. What should be looked at is how it performs. An asset with a smaller market cap can outperform one with a very high market cap.

[Coyster]

I think we'll still see Bitcoin at $200,000. But $1,000,000 is hard to believe because so many people hold stablecoins.

It depends on the "when". $200k is very possible in the medium term, that is a realistic period when we could see bitcoin get to such a price. Quite a lot of people expected bitcoin to reach this price in this cycle, but it is looking very unlikely right now and a realistic prediction would be the bull run in the next cycle, but we'd see.

That said, as for $1m, that can only be possible in the long term. A lot of positives is definitely going to happen in the years leading up to such a milestone, mass adoption and all. Finger's crossed though, but the future definitely looks good for bitcoin.

[WatChe]

Yes, Ricardo Salinas has good vision and foresight in terms of Bitcoin speculation, unfortunately if you look at the photo of the billionaire from Mexico, It seems like he didn't have time to see it again when the price of Bitcoin rose to the level of $800k. I am amazed that Ricardo, at his age, had time to speculate and predict Bitcoin's development.

It is very natural for Ricardo Salinas to speculate like that, because from the source data that I have seen, he is a businessman in the banking, telecommunications and media sectors, maybe he has 100 million followers, at least his words can encourage Bitcoin's current growth.

If we look back at history of Bitcoin then 100k was a much speculated price and we saw Bitcoin rising to 100k. Now there are next targets also set for Bitcoin price like 150k and 200k. The way Bitcoin price is going up, it's not a matter of if but when we see these prices. 800k is very huge price, right now the next main targeted price for Bitcoin are 150k and 200k. Now big companies have also invested there money in Bitcoin and that will also help Bitcoin in rising to 150k or 200k in near future. We must remain confident that Bitcoin price will go up with every passing year.

[famososMuertos]

I think that commenting on this type of news (or on billionaires, whoever they are, saying they trust Bitcoin) is simply about staying informed and observant. It shouldn't influence your strategy; you don't trust or distrust Bitcoin just because others decide to believe in a certain price.

This news is just a reference point. While we all want Bitcoin to reach its all-time high, that shouldn’t be the starting point. I believe the real value is when an entrepreneur says: 'I don't care if Bitcoin loses value; I’m going to continue to hodl.

[m2017]

"Mexican billionaire believes Bitcoin will exceed $800,000" - Only $800,000? Why so modest? I'm not a Mexican billionaire, so I can confidently say I believe bitcoin will grow past $1,000,000 (one day).

Ricardo Salinas a businessman and even a Bitcoin investor is one of the big investors who has faith in Bitcoin. He believes that Bitcoin is the solution or even the way out of the inflation problem.

Isn't this exactly why Nakamoto created bitcoin?

The latest news said that he has a personal portfolio of around 70% in Bitcoin. And I think he might be one of the few people who have complete faith in Bitcoin as we don't often see people who have the courage to invest a large portion of their portfolio in Bitcoin.

It seems to me that to qualify as “completely” trusting bitcoin, he lacks 30% of his investment portfolio in bitcoin.

[bounceback]

....
What are your thoughts on this?

As Bitcoin's popularity continues to grow, attracting a large number of institutions and individuals with significant capital (billionaires) to invest in Bitcoin, this certainly isn't the first time we've seen a billionaire publicly announce they've added Bitcoin to their portfolio.
Ricardo Salinas's actions will certainly have a positive impact on public perception of Bitcoin. However, what we need now are Bitcoin-friendly policies and regulations, as these are crucial factors in mass adoption.

[ultrloa]

....
What are your thoughts on this?

As Bitcoin's popularity continues to grow, attracting a large number of institutions and individuals with significant capital (billionaires) to invest in Bitcoin, this certainly isn't the first time we've seen a billionaire publicly announce they've added Bitcoin to their portfolio.
Ricardo Salinas's actions will certainly have a positive impact on public perception of Bitcoin. However, what we need now are Bitcoin-friendly policies and regulations, as these are crucial factors in mass adoption.

But do you believe immediately on his claims? Yeah no doubt Bitcoin is great asset but don't try to buy those exaggerated prediction since no one knows his intention on why he said those things.

This people seems like know the formula on how to be highlighted and discussed by people since by simple dropping their prediction and attached their social status they will be easily notice by people just like what we have seen to him and other people saying those things.

I will be more vigilant to watch how the market grows and take profit when needed, rather than believing on statement which we don't know on when it will came.

[Majestic-milf]

I stopped getting surprised about these predictions long time ago. If some random dude came out of the woods and told me “btf wi go to a billion usd meng” It wouldn’t come as a surprise.

Loom where we are. Not so long ago it went above friggin $100k. What difference does it make if it goes to $1 million or $10 million at this stage? Everything is possible.

That doesn’t necessarily mean btc can’t go down tho. Btc may still go down a lot to shake down weak hands.

I agree with you. It was early on that I'd get excited when I hear such bullish statements but now I'm like "get on with it already". Again, billionaires coming up to talk big about Bitcoin isn't a surprise anymore because everyone is looking to use Bitcoin ad a platform to gain popularity of some sort. Yeah Salinas is a big shot in Mexico but tbh this is the first time I'm hearing about him so let's just wait for better things.

[FinneysTrueVision]

Salinas also owes the equivalent of billions of dollars in taxes. Maybe he is hoping there will be a massive price pump so he can pay what he owes and stay out of jail. I believe he has also been trying to promulgate an opposition movement to weaken the current government so that he and his cronies can take over and sell off their national resources to international corporations. He may speak positively about Bitcoin, but it’s no different from when Trump was aspiring to be president again. It’s a way to get some very wealthy people on your side.

[davis196]

Ricardo Salinas a businessman and even a Bitcoin investor is one of the big investors who has faith in Bitcoin. He believes that Bitcoin is the solution or even the way out of the inflation problem. The latest news said that he has a personal portfolio of around 70% in Bitcoin. And I think he might be one of the few people who have complete faith in Bitcoin as we don't often see people who have the courage to invest a large portion of their portfolio in Bitcoin. And he often talks about his belief in Bitcoin publicly. I personally think what he is doing has a positive impact on people's awareness of Bitcoin. And it seems he's been pretty consistent over the past few years as as he continues to increase his Bitcoin holdings or even always consistently provide support for Bitcoin.

What are your thoughts on this?

My thoughts on this? I don't care. There are big investors and crypto whales, who were bullish on Bitcoin in the past and there will be big investors, who will become bullish on Bitcoin in the present. Everyone has his opinions. Just because some rich person said that the BTC price will hit 800K USD in the future, that doesn't mean that the Bitcoin price will hit 800K in the future. I think that the absolute peak for BTC is somewhere around 200K-250K.
Maybe this forum thread should be moved to the Speculations forum, since this Ricardo Salinas guy is clearly speculating about the future Bitcoin price.

[fuguebtc]

I wonder why people pay such attention to market cap anyway. It is a flawed way to rate assets. The number of that asset in circulation determines the market cap a lot. What should be looked at is how it performs. An asset with a smaller market cap can outperform one with a very high market cap.

Because many believe that once Bitcoin surpasses the market capitalization of gold, it will become the most valuable and best asset in the world.

But that is actually an incomplete way of evaluating it, and you're right, it also depends on the supply and the number of that asset in circulation. In my opinion, Bitcoin will never surpass gold in market capitalization because gold not only has ever-increasing demand but also ever-increasing supply each year. That would cause gold's market capitalization to skyrocket very quickly, and catching up wouldn't be easy.

Indeed, Bitcoin doesn't need to surpass gold in terms of market capitalization. Performance is something we should focus on, because it's the deciding factor in our profitability.