Mexican billionaire Ricardo Salinas Pliego endorsed the use of Bitcoin and said his bank is on the way to accepting the cryptocurrency. Bitcoin adoption continues to gain momentum among institutional investors as it continues to prove to be the best way to preserve wealth for generations. After the announcement, released by the Mexican, it is expected that this will be the first bank in Mexico to accept BTC.
Ricardo Salinas Pliego, the third richest man in Mexico, also took the moment to reaffirm his interest in the digital asset, stating that all fiat currencies are a fraud. Furthermore, he revealed that he plans to hold Bitcoin for the next 30 years.
«Sure, I recommend the use of Bitcoin, and my bank and I 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 ». He said on the social network to the billionaire and founder of Microstrategy, Michael Saylor.
Saylor cited a video in which the owner of Banco Azteca said that cryptocurrency should be in the portfolio of all investors and attacked Fiat currencies (fiat coins and bills) that are declared legal by a government. Like the peso or the dollar, calling them “fraud” and “stinky.”
Ricardo Salinas Mexican magnate
The Mexican mogul’s fortune, which includes stakes in retail, banking and broadcasting businesses, has risen $ 2.8 billion this year to $ 15.8 billion. According to the Bloomberg Billionaires Index. In a recent interview, he revealed that he invested 10% of his portfolio in Bitcoin in 2020.
In explaining why you think the fiats are fraudulent, made a trip back to 1981 when he began his career, noting that, at that time, one dollar was equal to 20 Mexican pesos. However, due to the increase in inflation over the decades, the same dollar is equivalent to 20,000 pesos.
Helping Mexicans Protect Their Wealth Against Inflation
While he only highlighted the current situation in Mexico, Salinas said countries like Venezuela, Argentina and Zimbabwe were luckier. He added that fiat system fraud is also evident in the US, where monetary issuance simply skyrocketed, making the use of the dollar as cash a joke. When given a choice between investing in fiat currencies, silver, and gold for the next 30 years, Salinas said he would take Bitcoin (BTC / USD).
If Salinas carries out these plans, Banco Azteca will join an expanding list of banks that accept cryptocurrencies around the world. Banco Azteca reportedly has more than 16 million savings accounts and 19 million credit accounts. The bank also had a presence in El Salvador, which recently declared BTC legal tender until 2019. By accepting BTC, the bank is ready to help Mexicans protect their wealth against rising inflation in the country.
Banco Azteca operates in Mexico, Panama, Guatemala, Honduras, El Salvador and Peru. The bank had annual revenues of $ 2.54 billion in 2020.
Recall that Bitcoin rose approximately 7.3% this Sunday to $ 33,578. In recent days we have seen its price fall and much of the decline is attributed to stocks outside of China. Where a crackdown on these types of assets begins to reshape the industry by seeking a ban on cryptocurrency services.
Bitcoin keeps expanding
Salinas is the founder and CEO of Grupo Salinas, a business conglomerate that includes major local bank Banco Azteca, television and radio network TV Azteca, consumer electronics retailer Grupo Elektra, and soccer club Mazatlán F.C.
Recall that, in recent years, the demand for Bitcoin has influenced companies to seek a license to provide services related to cryptocurrencies. By 2020, Kraken received authorization from the state of Wyoming to operate as a crypto bank.
This made them the first cryptocurrency business to receive such a Letter. That same year, the Comptroller of the Currency decided to allow fintech companies to operate loan services without the need for supervision from state banking companies. Under this Charter, Anchorage became the first crypto company to be licensed in January of this year.