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Mexican billionaire, Salinas, say his bank may embrace Bitcoin

Salinas, who is ranked as Mexico’s third richest man with a family fortune estimated at $15.8 billion by Forbes is the owner of large Banco Azteca banking business. He is the founder and chairman of Grupo Salinas, a collection of companies with stakes in telecommunications, media, financial services, and retail stores, per Wikipedia.

Last year, he revealed that he has about 10% of his liquid portfolio invested in Bitcoin. On Sunday, he said all investors should study cryptocurrency and their future.

“Sure, I recommend the use of Bitcoin and me and my bank are working to be the first bank in Mexico to accept Bitcoin”, He said in a tweet.

In a video, Salinas explained how his witnessing hyper-inflation first-hand informed his rationale for investing in bitcoin and why he thinks “fiat is a fraud.” He also explains why he would take the cryptocurrency over any other asset.

Bitcoin rallied about 7.5% on Sunday to trade at around $34,500.

Source: Bloomberg