Mexican billionaires came in support of bitcoin, showed improvement in coin prices

NDTV Gadgets 360 Hindi

Mexican billionaire Ricardo Salinas Plego has extended his support to bitcoin, saying that his bank Banco Azteca was in the process of becoming the first bank in Mexico to accept the cryptocurrency. Salinas, the head of one of the largest conglomerates in the Latin American country, tweeted in response to another bitcoin bull Michael Sayer. He recommended the use of cryptocurrencies that have lost most of their gains this year amid China’s massive crackdown on trade and mining. Tesla and SpaceX CEO Elon Musk tweeted against digital assets.

In the tweet, Salinas wrote that he recommended “the use of #Bitcoin” and that he and his bank were “working to become the first bank in Mexico to accept #Bitcoin”. Bitcoin price surged in Indian Rupee over the weekend following Salinas’ tweets in support of the cryptocurrency. Although it is still far from its peak point in April this year.

In a tweet in Spanish, Salinas said bitcoin is a good way to diversify an investment portfolio and added that at Banco Azteca they were working to bring cryptocurrencies to customers.

In a video, Salinas said that he had spent a lot of time studying bitcoin and thought it was an asset that should be part of every investor’s portfolio. Mexico’s third richest man said the limited supply of bitcoin at 21 million was a key. He said that if he had to choose to take assets 30 years in the future, he would take bitcoin.

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Support for Bitcoin comes amid a sharp drop in its value. The decline is partly attributed to Chinese action and partly to the Tesla CEO’s tweet in which he accused the use of fossil fuels in cryptocurrency mining.

Bitcoin hit an all-time high of around $65,000 (approximately Rs 47.3 lakh) but lost all gains in two recent market crashes in May and June.
According to CoinDesk, at around 5 pm (IST) on Tuesday, it was trading at $ 35,600 (about Rs 26.43 lakh).<!–

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