New technologies and a next-generation payment infrastructure would help Mexico become more financially inclusive.
Mexican billionaire says ‘buy Bitcoin’ in new year message
Life advice from Mexico’s third-richest person: “Don’t be jealous, believe in yourself and buy Bitcoin.”
Bitso and Circle work on crypto payments between Mexico and US
Bitso is also known as the core crypto service provider for El Salvador’s official Bitcoin wallet, launched in September.
Subsidiary of Mexican airline Volaris accepts Bitcoin payments
El Salvador’s Bitcoin adoption agenda continues apace, this time extending to a local airline.
Mexican medical firm embraces blockchain for covid test certificates
MDS Mexico will use blockchain technology to verify the authenticity of its rapid coronavirus test results.
Mexico’s president rules out accepting crypto as legal tender
The Bank of Mexico and the National Banking and Securities Commission issued a statement earlier this year warning financial institutions not to deal with digital assets, but the president has not often spoken directly on the subject.
Bitcoin transactions ‘akin to bartering,’ Bank of Mexico governor says
Governor Díaz de León said Bitcoin resembles “a dimension of precious metals” when compared to the central bank’s fiat money.
Bitso to assist the launch of El Salvador’s official Bitcoin wallet Chivo
Mexican crypto exchange Bitso is announced as a core partner for El Salvador’s state-issued BTC wallet.
Bitcoin is a miracle and better than gold, says Apple co-founder Wozniak
Apple co-founder Steve Wozniak declared “Bitcoin is the only digital gold” years ago, but he claims that he still hasn’t invested in BTC.
Latin America’s Mercado Bitcoin exchange raises $200M from SoftBank
2TM GRoup, the company behind Mercado Bitcoin, is now valued at $2.1 billion. It’s the second crypto exchange in Latin America to eclipse the $1 billion valuation mark.
Mexico may not be following El Salvador’s example on Bitcoin… yet
A warning from the country’s financial regulators seemed to be specifically targeting Ricardo Salinas Pliego, who on Sunday said he would explore his bank accepting Bitcoin.
Billionaire vows to spearhead Mexico’s first Bitcoin-friendly bank
Ricardo Salinas Pliego wants his bank to be the first in Mexico to accept BTC.
Ricardo Salinas Pliego: Bitcoin “Should Be Part Of Every Investor’s Portfolio”
Mexico’s third wealthiest billionaire according to Forbes is a Bitcoin fan. Ricardo Salinas Pliego sure did his homework, and he’s here to make you see the light. The billionaire recently announced that he holds 10% of his portfolio in Bitcoin. Why? Salinas Pliego knows a few of the reasons that make BTC the soundest money that the world has ever seen.
The subtitled video arrives via podcaster Anthony Pompliano, who says, “Incredible to see this from @RicardoBSalinas given his historic wealth and success.”
Here is a video of Mexico’s third wealthiest man explaining why he believes all fiat currencies are a fraud and he wants to hold bitcoin over the next 30 years.
Incredible to see this from @RicardoBSalinas given his historic wealth and success. pic.twitter.com/FDVPxgWfFj
— Pomp 🌪 (@APompliano) June 27, 2021
If you can speak Spanish and have eight minutes to spare, the original video comes from José Pimpo’s YouTube channel.
Related Reading | The Wall between US and Mexico May Work out Well for Bitcoin
The Reason Bitcoin Should Be Part Of Your Portfolio
According to Michael Saylor, you have to invest at least 100 hours studying Bitcoin before you start to get it. His Mexican counterpart here, Salinas Pliego, evidently put in the time. About Bitcoin, he says:
“I’ve invested a lot of time studying it, and I think that it’s an asset that should be part of every investor’s portfolio. It’s a valuable asset, with international value, that’s traded with enormous liquidity at a global level. And that’s reason enough for it to be part of any portfolio. Period.”
Those are important reasons, but not something that can’t be said about the Dollar. The US’s currency holds international value and you can exchange it with ease for local money in any market. However…
What Does Salinas PliegoThink About Fiat Currencies?
The facts are the facts, money printing and inflation devalue the purchasing power of all the holders. There are no two ways about that. Or, as Salinas Pliego puts it:
“Fiat is a fraud. I started my professional career in ‘81. The Peso was at 20 x 1 (USD.) Today, we are at 20.000 x 1. That’s all there’s to know. And that’s here in Mexico, because if we look at Venezuela, Argentina, or Zimbawe, the numbers loose all proportion. The fraud of fiat is something inherent to the fiat system, and we’re watching it happen in the USA. The monetary emission went to the moon, you understand. The Dollar as hard money is a joke.”
It’s worth noting that in 1993, Mexico phased out the Peso (MXP) and introduced the Nuevo Peso (MXN, “New Peso”.) One MXN is worth one thousand MXP. So, Salinas Pliego’s numbers are correct.
Also, notice the casual mention of the “went to the moon” meme. This man clearly studies the crypto sphere.
Why Is Ethereum Not A Valid Store Of Value?
Sorry, Vitalik fans. Ethereum has many qualities, but being a store of value isn’t one. Salinas Pliego puts it in simple words:
“Bitcoin’s finite supply, the 21 million, that’s the key of the whole thing. That’s what I was saying about Ethereum. As long as they don’t have a finite supply, I don’t believe them at all. For all I know, they emit more and your asset depreciates.”
And yes, when the EIP 1559 proposal comes into effect, Ethereum will burn some ETH after every transaction. Still, the daily issuance will be much higher than the daily burns. And there’ll not be a hard cap.
Related Reading | Bitreserve adds Bitpeso and Bitrupee to Support 8 Currencies
Who Is Ricardo Salinas Pliego, Anyway?
For a quick profile, we’ll pass the mic to Forbes:
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Ricardo Salinas Pliego runs the number two Mexican TV broadcaster, TV Azteca, and retailer Grupo Elektra.
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His Grupo Elektra targets lower middle class consumers who borrow money from his banking arm, Banco Azteca, to buy items at Elektra stores.
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Elektra, which is publicly traded, was founded in the 1950s by Ricardo’s grandfather, Hugo Salinas Rocha.
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Salinas appointed a new CEO to TV Azteca in January 2021, replacing his son, Benjamin Salinas Sada, who he’d appointed in 2015.
Among the world’s billionaires, Salinas Pliego is currently at #166 according to the same magazine.
BTC price chart on Bittrex | Source: BTC/USD on TradingView.com
Mexico lawmakers aim to follow the example of neighboring countries with proposed Bitcoin legislation
“We are going to lead the shift to crypto and fintech in Mexico,” said one senator.
Stellar Development Foundation invests $15M in Mexico crypto exchange
Airtm is aiming to solve a myriad of financial challenges in Latin America tied to last-mile remittance, affordability and equitable access to the global banking system.
Bitso reportedly becomes Latin America’s first billion-dollar crypto exchange
The startup has a total value of $2.2 billion following its latest Series C investment round.
Crypto Remittances Prove Their Worth in Latin America
Crypto remittances are growing in Latin America, particularly in the wake of other remittance platforms shutting off access to some markets.
Mexico’s Second Richest Man Reveals 10% of His Liquid Assets Are in Bitcoin
Billionaire founder of Grupo Salinas, Ricardo Salinas Pliego said: “Bitcoin protects the citizen from government expropriation.”
A New Attempt to Tokenize Real Estate Projects in Mexico and Canada
Digital transfer agent Vertalo has partnered with real estate platform MountX to tokenize more than 15 digital real estate projects in Mexico and Canada.
VC-Backed Crypto Exchange Mexo Launches in Latin America
Mexo, a cryptocurrency exchange designed for the Latin American user, launched on Thursday.