Wednesday, October 27, 2021

Mexican billionaire Ricardo Salinas Pliego says his bank is working on accepting bitcoin.

The Takeaway:

Mexican billionaire Ricardo Salinas Pliego is bullish on the use of bitcoin and said that the bank he owns is working to become the first in Mexico to accept it.

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Mexican billionaire Ricardo Salinas Pliego said in reply to MicroStrategy CEO Michael Saylor, who tweeted a video of Pliego advocating for bitcoin, “Sure, I recommend the use of bitcoin, and me and my bank are working to be the first bank in Mexico to accept Bitcoin.” Salinas is Mexico’s third-richest man, with an estimated fortune of $15.8 billion, and the owner of Banco Azteca.  



Mexican billionaire had said that 10% of his liquid portfolio was in bitcoin.

In the video shared by the Microstrategy CEO Saylor, Salinas explains his fondness for bitcoin and expresses his belief that fiat currency is a “fraud.” After saying that he’d spent a lot of time studying bitcoin, he thinks it an asset that should be part of every investor’s portfolio. Last year, he said 10% of his liquid portfolio was in bitcoin, adding that all investors should study cryptocurrency. He highlighted that bitcoin had international value and is traded with “enormous liquidity” around the world. For him, these reasons are enough why it should be taken seriously.


Salinas also noted bitcoin’s use as a hedge against inflation.

The Mexican billionaire also noted bitcoin’s use as a hedge against inflation. He emphasized that bitcoin’s finite supply of 21 million was “the key part in it.” It was for this reason that he is not an advocate of Ethereum. He believes more could be issued, and its value would depreciate. While praising bitcoin in the video, Salinas went on to call fiat currencies “fraud.” MicroStrategy CEO Saylor is tripling down on his company’s BTC investment strategy. Last week, MicroStrategy announced it now holds more than 100,000 bitcoins after completing another purchase round during the last dip. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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