However, it is yet unclear the efforts the Banco Azteca is taking to adopt Bitcoin.
By Godfrey Benjamin
Updated
3 mins read
Ricardo Salinas Pliego, one of Mexico’s richest men wants to make the bank he founded, Banco Azteca the first in the country to accept Bitcoin (BTC). Ricardo Salinas revealed his plans for the bank via Twitter, in response to comments on one of his interviews in which he doubled down on his interest in Bitcoin.
In the particular interview which caught the attention of Anthony Pompliano and MicroStrategy Incorporated (NASDAQ: MSTR) Chief Executive Officer Michael Saylor Ricardo says all fiat currencies are a fraud. The Mexican billionaire suggested that anyone who wants to preserve their investments for generations should invest in Bitcoin.
“I recommend the use of #Bitcoin, and me and my bank are working to be the first bank in Mexico to accept #Bitcoin,” Ricardo said
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 😌.
— Don Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021
The promising comments came after a considerable amount of time had been spent in researching Bitcoin according to Ricardo. He said based on the digital currency’s superiority in relation to its finite supply, the asset is what every investor should have in their 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 per a Google translation of his comment.
Ricardo also noted the willingness to put his money where his mouth is, saying he can HODL Bitcoin for 30 years when asked the asset he can hold for that long.
It is yet unclear the efforts the Banco Azteca is taking to adopt Bitcoin. While Ricardo Salinas offered no indication as to the mode of embrace the bank will accept the cryptocurrency, he promised more details in the near term.
The bill to go all out on Bitcoin by the Banco Azteca will be in response to a global push by other multinational financial institutions. Per an earlier Coinspeaker report, Swiss multinational investment bank and financial services company UBS Group AG (SWX: UBSG) is reportedly exploring multiple ways to bring crypto investments to its rich clients.
Other banks including Goldman Sachs Group Inc (NYSE: GM), JPMorgan Chase & Co (NYSE: JPM), and Morgan Stanley (NYSE: MS) are also exploring ways to offer Bitcoin and crypto-related services. The demand for such products amongst institutional investors has grown in the past year, and banking entities are looking to take a pie of the growing business trend.
While the trend is brewing, some of the potential services these firms are exploring is being met with stiff regulations from market watchdogs. The inherent volatility of Bitcoin as well as other crypto-assets is also a limiting factor in scaling these services. The offers from some of these banks are limited to a set of investors, and those permitted are only able to invest a small fraction of their portfolio in the growing asset class.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
