Mexican Bank, Banco Azteca headed by Ricardo Salinas is moving to be the first bank that will accept Bitcoin in Mexico. The bank owner sees Bitcoin as an asset while considering fiat as fraud.
Ricardo Salinas, one of Mexico’s wealthiest men, is a Bitcoin (BTC) bull.
His belief that Bitcoin is a legitimate store of value and a preferable alternative to fiat currencies has fueled his determination to create Banco Azteca the first bank in Mexico to accept Bitcoin.
Salinas made the announcement on Twitter in response to Anthony Pompliano and MicroStrategy CEO Michael Saylor’s previous views on 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, if you need more details or information follow me on my Twitter account 😌.
— Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021
According to a translated version of Salinas’ statements released in an interview, he has spent a lot of time studying Bitcoin and believes it is an asset that every investor should have in his portfolio.
“It is an asset that has international value, that is traded with an enormous liquidity on a global level, and that is enough reason to be part of every portfolio, period,” he said.
Bitcoin is a valuable asset for a rising number of corporate investors, in part due to its limited supply of 21 million coins.
According to Salinas, this coded feature distinguishes Bitcoin from fiat currencies, which he refers to as “fraud.” When asked what asset he can HODL for 30 years, Salinas chose Bitcoin.
Salinas claims he is aiming to make Banco Azteca, a banking institution with operations in several Latin American nations, the first in Mexico to accept Bitcoin.
Currently, the world is witnessing a steady shift in which banks begin to provide direct crypto-related services to their customers.
While BBVA, a Spanish bank, recently launched a crypto-related option for its Swiss clients, American financial behemoths such as JPMorgan, Morgan Stanley, and Goldman Sachs are also developing ways for their customers to invest in Bitcoin.
Despite the fact that Salinas did not share the specifics of Banco Azteca’s approach to providing Bitcoin-related services, the billionaire investor stated that more information will be released in the near future.
The inclusion of large financial institutions in the Bitcoin ecosystem is helping to cement the cryptocurrency’s status as an investable asset.
The asset’s price has fallen in recent weeks as a result of China’s ongoing regulatory crackdown on crypto activity.
A number of institutional investors are buying more of the stock, which is currently trading at $33,314.28, up 6.11 percent in the last 24 hours, in the expectations of a price increase in the short to long term.