Billionaire businessman Ricardo Salinas Pliego, who leads one of Mexico’s largest conglomerates, launched a barrage of tweets in support of Bitcoin, revealing on Sunday that he is working to make his Banco Azteca the country’s first bank to accept bitcoin.
Salinas’ Twitter post was in reaction to Michael Saylor who was responding to a video in which the Mexican entrepreneur labelled government-backed paper money, or fiat, a “fraud” and urged investors to buy bitcoin instead.
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Salina aims to turn Banco Azteca into the country’s first bank that accept bitcoin, in part due to concerns about the inflationary pressures inherent within various currencies. Over the years, Latin American governments have abused their ability to artificially create money time and again, reducing purchasing power in the long run. Due to bitcoin’s worldwide and natural immunity to government manipulation, Ricardo Salinas has placed 10% of his liquid assets ($13.2 billion) in bitcoin, calling it “the new gold” and praising it for its mobility.
Salinas even replied to one user who promoted the meme-coin dogecoin, while denouncing the billionaire’s wealth saying: “another billionaire/millionaire telling me about the power they hold. No thanks, I’ll stick to #doge because I’m not a slave.”
Salinas replied with a meme of his own, saying:
Doge is not the only cryptocurrency Salinas criticised. When asked about Ethereum, he stated that ETH’s weakness lied in its inflationary nature and as long as there isn’t a fixed quantity of issuance it’s not worth
When he was asked if Ethereum and other cryptocurrencies could outperform BTC he stated that Ethereum weakness lies in its inflationary nature lack of a fixed quantity of issuance.
Recently during an interview with Bitso’s former vice president of payments, José Rodrguez, Salinas persuaded Rodrguez that Bitcoin is an investment on par with gold. He said that for people familiar with its qualities, the dispute over its nature is irrelevant.
Ricardo Salinas is a vocal proponent of Bitcoin. He was among the first in Latam businesses to talk about bitcoin on social media, even incorporating the bitcoin hashtag into his Twitter account.
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