Mexican Billionaire Ricardo Salinas Supports Bitcoin, Says His Bank Is Working To Embrace The Cryptocurrency

The third richest man in Mexico, Salinas said that Bitcoin is an asset every investor should hold.

By Edited by Gadgets 360 Newsdesk | Updated: 29 June 2021 11:43 IST

Mexican Billionaire Ricardo Salinas Supports Bitcoin, Says His Bank Is Working To Embrace The Cryptocurrency

Photo Credit: Reuters

The cryptocurrency reached an all time high of Rs 48 lakh in April

Highlights

Mexican billionaire Ricardo Salinas says investors should buy Bitcoin
His bank, Banco Azteca is working on bringing Bitcoin to customers
Bitcoin hit an all-time-high in April, but is still higher than in 2020

Mexican billionaire Ricardo Salinas Pliego has extended his support to Bitcoin and said that his bank, Banco Azteca, was in the process of becoming the first in Mexico to accept the cryptocurrency. Salinas, who heads one of the biggest conglomerates in the Latin American country, tweeted in response to Michael Saylor, another Bitcoin bull, that he recommended the use of the cryptocurrency, which has lost most of its gains this year amid China's widening crackdown on its trade and mining, and Tesla and SpaceX CEO Elon Musk's tweets against the digital asset.

In the tweet, Salinas wrote that he recommended “the use of #Bitcoin” and went on to add that he and his bank were “working to be the first bank in Mexico to accept #Bitcoin”. Salinas' tweets in support of the cryptocurrency also saw the price of Bitcoin in INR go up over the weekend, although it's still far from its peak in April this year.

Sure, I recommend the use of #Bitcoin, and me and my bank are working to be the first bank in Mexico to accept #Bitcoin, if you need more details or information follow me on my Twitter account ????.
— Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021

In a tweet in Spanish, Salinas stated that Bitcoin was a good way to diversify the investment portfolio and added that at Banco Azteca they were working to bring the cryptocurrency to clients.

#Bitcoin es una buena forma de diversificar tu portafolio de inversión y creo que cualquier inversionista debería ponerse a estudiar sobre las cryptomonedas y su futuro.

En @BancoAzteca estamos trabajando para traerlas a nuestros clientes y seguir promoviendo la libertad ???????? pic.twitter.com/bZ51FB2vKw
— Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021

In a video, Salinas said that he had invested a lot of time studying Bitcoin and thought that it was an asset that should be a part of every investor's portfolio. The third-richest man in Mexico said the finite supply of Bitcoin, at 21 million, was the key and if he would have to make a choice to take an asset 30 years into the future, he would take Bitcoin.

During the interview in Spanish, he also briefly discussed fiat money, calling it a “fraud” and “stinky”. The video had English subtitles.

Watch:

Here is a video of Mexico's third wealthiest man explaining why he believes all fiat currencies are a fraud and he wants to hold bitcoin over the next 30 years.

Incredible to see this from @RicardoBSalinas given his historic wealth and success. pic.twitter.com/FDVPxgWfFj
— Pomp ???? (@APompliano) June 27, 2021

The support for Bitcoin has come amid a sharp decline in its value, blamed partly on the Chinese crackdown and partly on the Tesla CEO's tweets in which he accused the cryptocurrency of driving up the use of fossil fuels.

Bitcoin had reached an all-time high of nearly $65,000 (roughly Rs. 47.3 lakh) but it lost all the gains in two recent cryptocurrency market crashes in May and June.

Bitcoin had reached an all-time high of nearly $65,000 (roughly Rs. 47.3 lakh) but it lost all the gains in two recent cryptocurrency market crashes in May and June. On Tuesday, around 11.25 am IST, it was trading at $34,668 (roughly. Rs 25.73 lakh), according to CoinDesk.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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