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In what might doubtlessly be one other sturdy present of Latin American cryptocurrency adoption, billionaire businessman Ricardo Salinas Pliego, a staunch bitcoin bull heading up considered one of Mexico’s largest conglomerates, launched right into a tweetstorm in help of the world’s largest cryptocurrency early Sunday morning and mentioned he’s working to make his Banco Azteca the nation’s first financial institution to simply accept bitcoin.
Ricardo Salinas Pliego, chairman of Grupo Salinas, speaks throughout a tv interview with the … [+]
Andrew Harrer/Bloomberg Information
Key Info
“My financial institution [and I] are working to be the primary financial institution in Mexico to simply accept #Bitcoin,” Salinas tweeted out early Sunday in response to billionaire Michael Saylor, the CEO of MicroStrategy who’s led the corporate via its purchases of greater than 100,000 bitcoins.
Although he hasn’t but publicly responded to Salinas, Saylor was commenting on a video during which the Mexican tycoon referred to as government-backed paper cash, or fiat, a “fraud” and as an alternative advised each investor ought to personal bitcoin.
Salinas, who’s Mexico’s third-richest individual, doubled-down on the sentiment early Sunday, calling bitcoin “the brand new gold” whereas touting its portability.
Within the greater than two dozen in a single day tweets about bitcoin, the 65-year-old additionally railed towards critics, telling one consumer, who was touting cryptocurrency dogecoin whereas criticizing the billionaire’s wealth: “You may keep poor. Good luck.”
Banco Azteca didn’t instantly reply to a Forbes request for remark.
Large Quantity
$15.8 billion. That is how a lot Salinas is value, in line with Forbes. He runs TV Azteca, Mexico’s quantity two tv broadcaster, and Grupo Elektra, a retailer based by Salinas’ grandfather within the Nineteen Fifties that targets lower-middle class shoppers, lots of whom purchase merchandise utilizing cash borrowed from Banco Azteca.
Shocking Truth
In November, Salinas revealed on Twitter he had 10% of his liquid portfolio invested in bitcoin. At about $32,980, costs have skyrocketed almost 81% because the disclosure, however they’re down almost 50% from a mid-April excessive above $64,000.
Key Background
Hovering institutional adoption helped carry cryptocurrencies to new worth highs in the course of the pandemic, and this month, El Salvador sparked a wave of renewed optimism within the area after changing into the world’s first nation to make bitcoin authorized tender. Different Latin American international locations signaled they might comply with go well with, however cryptocurrency costs are nonetheless struggling amid an intensifying regulatory crackdown in China. Price about $1.3 trillion Sunday, the cryptocurrency market is down almost 50% from a excessive above $2.5 trillion in early Could.
Additional Studying
El Salvador Makes Historical past As World’s First Nation To Make Bitcoin Authorized Tender (Forbes)
Bitcoin’s Largest Company Backer Invests One other $500 Million As Crypto Costs Crash (Forbes)
Adults In El Salvador To Get $30 In Bitcoin As Nation Unveils Particulars To Make Crypto Authorized Tender (Forbes)
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