As mentioned previously, Ric Flair is one of the most notorious bleeders in the history of wrestling. The fact that he had white hair made it all the more appealing for him to do it because it would add some color to his hair.
In 1992, few people bled in matches. It was not something often. In fact, Flair also reportedly got in trouble over bleeding in this match, but he likely felt like he needed to do it to help the story.
They set up the blood spot with Savage hitting Flair in the back with a double axehandle and that sent Flair crashing into the steel barricade. When we saw Flair's face soon after, he was full of blood and of course it went into his white hair.
This wasn't the biggest blade job of Flair's career, but it was a very famous one because it happened at a time when people really didn't bleed in WWE and it made him stand out that much more.
If you watch the post match video up above (around the 30 minute mark in that video), you can see Flair's face full of the blood during the promo. A crimson mask, indeed. I'm sure he was proud of that one.