Wednesday, May 29, 2024

Billionaire owner of Banco Azteca wants it to be first bank to accept bitcoin

Banco Azteca plans to become the first bank in Mexico to accept Bitcoin.

Owner Ricardo Salinas Pliego, Mexico’s third richest person, announced the plan in a series of tweets on Sunday in which he called Bitcoin “the new gold.”

Bitcoin is the world’s largest crypto currency. It was created anonymously in 2009 does not depend on any central institution.

Salinas stated investment opportunity and customer service were the main drivers. “Bitcoin is a good way to diversify your investment portfolio and I think that all investors should start studying cryptocurrencies and their future. At Banco Azteca we are working to bring them to our clients to continue promoting [financial] freedom,” he wrote.

In November, the billionaire revealed on Twitter he had 10% of his liquid portfolio invested in the crypto, which received a boost in recent weeks when El Salvador announced it would become the first country to make it legal tender. Lawmakers in a Brazil and Panama expressed an interest in following suit.

However, the crypto currency’s valuation has had a turbulent recent history. It fell to a five-month low on Tuesday, due to China’s crackdown on cryptocurrency mining and trading. On Monday it was trading at US $34,620 after reaching a high of $63,000 on April 13.

Salinas is worth US $15.8 billion according to Forbes. He runs TV Azteca, Mexico’s No. 2 television broadcaster, and Grupo Elektra, a retailer founded by Salinas’ grandfather in the 1950s that targets lower-middle class consumers, many of whom buy products using money borrowed from Banco Azteca.

With reports from Milenio and Forbes

Have something to say? Paid Subscribers get all access to make & read comments.
A mangled Ford SUV on a highway parked next to an orange highway cone

Joaquín ‘Huacho’ Díaz, Yucatán gubernatorial candidate, injured in highway accident

Yucatán gubernatorial candidate Joaquín Díaz was injured in a crash and a bus headed to Sheinbaum's closing overturned in Veracruz.
Volunteers are feeding monkeys to reduce their risk of heat stroke in the Mexican states of Veracruz, Tabasco, Campeche and Chiapas.

Authorities confirm 157 monkey deaths in southern Mexico

Monkeys in Mexico's southern region are at risk of heat stroke due to scorching temperatures and low water levels in local streams.
Sign that says "no alcohol sales" at a convenience store

Will there be weekend alcohol bans for Mexico’s elections?

In keeping with longstanding election regulation, alcohol sales will be restricted in most Mexican states for much of the coming weekend.