Mexican Billionaire says “Fiat is Fraud”, Says his Bank is working to become First Bank in Mexico to Accept Bitcoin

Ricardo Salinas Pliego, a billionaire businessman and a leading proponent of cryptocurrencies in Mexico, started a tweetstorm in support of Bitcoin. The owner of the largest conglomerates in Mexico said in support of the world's largest cryptocurrency that his bank Banco Azteca is working towards accepting bitcoin (BTC).

He said:

“My bank [and I] are working to be the first bank in Mexico to accept #Bitcoin.”

When Banco Azteca was contacted, they didn’t respond to queries. The Mexican tycoon went on to call fiat money or the government-backed paper money a “fraud”. He called on investors to own bitcoin instead of fiat money. While calling bitcoin the “new gold”, 65-year old Salinas told the crypto critics: “You'll stay poor. Good luck.”

Mexican billionaire says fiat is a fraud |

Salinas is the 3rd richest person in Mexico, who owns US$15.8 billion. His businesses include Mexico's number two television broadcaster, TV Azteca, and retail business Grupo Elektra. Since his disclosure that 10% of his liquid portfolio is invested in bitcoin.

Since the BTC price reached an all-time-high (ATH) at near US$65,000 level on April 14, 2021, the price has fallen by around 50% (a fall of market cap from US$2.5 trillion in early-May to US$1.4 billion currently). With El Salvador recognizing Bitcoin as a legal tender, many Central and Latin American countries are showing interest in the digital assets. This has led to an accelerated adoption. The comments of Salinas will help in faster adoption of Bitcoin and other digital assets.

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