- Ricardo Salinas Pliego, the third wealthiest man in Mexico has plans to make his bank the firs tone to accept Bitcoin.
- In a recent interview, he revealed that he has invested 10 percent of his portfolio in Bitcoin in the last year.
Bitcoin adoption is still gaining momentum among institutional investors as it continues to prove to be the best way to preserve wealth for generations. Ricardo Salinas Pliego, the third wealthiest man in Mexico recently reaffirmed his interest in the digital asset, claiming all fiat currencies are fraud. He further revealed that he plans to hold Bitcoin for the next 30 years.
Pliego, in a follow-up tweet, doubled down his interest, revealing he has plans to make his bank the first in Mexico to accept Bitcoin.
Sure, I recommend the use of Bitcoin, and I 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.
Salinas is the founder and CEO of Grupo Salinas, a corporate conglomerate of major local bank Banco Azteca, television and radio network TV Azteca, consumer electronics retailer Grupo Elektra, and Football club Mazatlan F.C.
Banco Azteca operates in Mexico, Panama, Guatemala, Honduras, El Salvador and Peru. The bank had annual revenue of $2.54 billion in 2020. Salinas’s fortune is $15.8 billion after adding $2.8 billion this year. In a recent interview, he revealed that he invested 10 percent of his portfolio into Bitcoin in 2020.
Crypto banks emerging
He first got involved in Bitcoin in 2012 when he purchased the asset for $200. At the time, Salinas claimed it was the best investment ever. Beyond the investment aspect of the digital asset, he saw Bitcoin as a better replacement for fiat currencies. In an interview, he mentioned that the economic crisis in South America speaks volumes of the problems of fiat.
What’s happening in Venezuela, in Argentina where fiat money is collapsing has become a scandal. It opens your eyes to the problem of fiat cash.
In February, he went the extra mile after adding the Bitcoin hashtag to his bio, a trend that was pushed by Elon Musk, Jack Dorsey and several other celebrities.
Over the past few years, the demand for Bitcoin has influenced businesses to seek a license to provide crypto-related services. In 2020, Kraken was authorized by the state of Wyoming to operate as a crypto bank. This made them the first crypto business to receive such a Charter. In the same year, the Comptroller of the Currency decided to allow fintech firms to operate lending services without the need for oversight from state banking firms. Under this Charter, Anchorage became the first crypto firm to obtain the license in January this year.