Key Points

Mexican billionaire Ricardo Salinas now allocates 70 percent of his investable portfolio to Bitcoin.
Salinas believes Bitcoin will keep outperforming traditional assets in the years ahead.
Bitcoin may reach a price of 1 million dollars within the coming decade.
10 stocks we like better than Bitcoin

There are two main groups of Bitcoin (CRYPTO: BTC) investors. Short-term traders focus on quick price swings and upside moves. Long-term holders see Bitcoin as the next form of currency.

Mexican billionaire Ricardo Salinas Pliego, founder and chairman of Grupo Salinas, belongs to the long-term group. He has backed Bitcoin for years. Even during recent market dips, he stayed committed. He continues to view Bitcoin as superior to real estate for long-term growth.

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Bitcoin versus other asset classes

To see why Salinas backs Bitcoin so strongly, treat it as its own asset class. Just as investors set aside portions for stocks, bonds, or property, they can do the same with Bitcoin.

Image source: Getty Images.

Most people might keep 1 to 2 percent of holdings in Bitcoin, yet Salinas takes a maximalist stance. He has even suggested mortgaging homes to buy Bitcoin. That advice exceeds what many Bitcoin supporters recommend.

To back his view, he now places 70 percent of his investable assets in Bitcoin. This represents a large wager on Bitcoin's future and exceeds typical guidance for most people.

Still, his confidence rests on past performance. In January 2016, Bitcoin traded near 400 dollars. At that time, a 1 million dollar house would cost 2,500 BTC. Today Bitcoin trades near 65,000 dollars, so the same house requires only 15 BTC.

Bitcoin keeps rising in value while other currencies lose ground. Salinas cites the U.S. dollar as an example. One dollar today buys just 15 percent of what it did in 1976. He expects further erosion over time.

This outlook aligns with the current U.S. debt of 39 trillion dollars, which now exceeds the size of the economy. Many analysts see more money printing as the likely path, which would reduce the dollar's value further.

Can Bitcoin really hit 1 million dollars?

Salinas predicts Bitcoin could reach 1 million dollars. This matches forecasts from Michael Saylor of Strategy (NASDAQ: MSTR), Cathie Wood of Ark Invest, and Brian Armstrong of Coinbase Global (NASDAQ: COIN). Each has named a 1 million dollar target.

The Mexican billionaire offers no precise timeline, yet continued growth could bring this level within the next decade. While nothing is certain, such an increase would make Bitcoin attractive at its current price near 65,000 dollars.

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Dominic Basulto has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool recommends Coinbase Global. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.