Banks on Bitcoin Adoption Vs Bullish Mexican Billionaire

Ricardo Salinas Pliego, a Mexican billionaire suggested reconsidering the use of bitcoin and said his bank is working with the full swing to be the first to adopt bitcoin in Mexico.

My bank and I would soon be the first banks in Mexico to accept bitcoin,” “I recommend using Bitcoin,Salinas said. 

This is a response to Microstrategy CEO Michael Sailor, who recently tweeted Pliego’s video showing him advocating for Bitcoin.

Salinas is the third richest man in Mexico with $15.8 billion in assets and the owner of Banco Azteca. Last year, 10% of his liquid portfolio was in bitcoin, he further said and suggested that all investors should learn cryptocurrency.

Salinas expressed his interest in bitcoin, believing that the Fiat currency was a “fraud” , suggests a video reportedly shared by Saylor.

Having said that he spent a lot of time learning Bitcoin and cryptocurrency, he feels it is an asset that should be part of every investor’s portfolio. Further, he also believes that bitcoin has international value and is “very liquid” worldwide and for him, these reasons are adequate and that is why Bitcoin should be seriously considered.

Even more, he suggested the use of bitcoin as a hedge against inflation. He described the limited 21 million distribution of bitcoin as “an important component”. That is why he is not a representative of Ethereum. He also believes that the more amount of Bitcoin can be issued and the more its value will decrease.

Speaking of fiat currencies, his point is clear and Salinas called it “fraud”. He said the Mexican peso was 20:1 against the US dollar when he began his career in 1981. Today it has dropped to 20,000:1, he said. Salinas also pointed out how effective this is compared to the high inflationary conditions in Venezuela, Argentina, and Zimbabwe. He warned that this was currently happening in the US. “The radiation of money went to the moon,” he said. “Dollar hard money is a joke.”

At the same time, while the bitcoin price is currently struggling, Saylor has tripled his company’s BTC investment strategy. Micro Strategy reportedly announced last week that the firm now holds more than 100,000million bitcoins after completing another buying round. The enterprise software company did spend about 9,489 million for BTC, but now also owns $3 billion worth of cryptocurrency.

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