Billionaire Salinas Desires to Make Mexico’s First Bitcoin-Accepting Financial institution

In short

  • Billionaire Salinas desires to make the primary Bitcoin financial institution in Mexico.
  • He revealed his plans in a Twitter thread with Michael Saylor.
  • Salinas isn’t any stranger to controversy.

Mexico’s third-richest man, Ricardo Salinas Pliego, tweeted this morning that the financial institution he based, Banco Azteca, goals to be the primary financial institution in his nation to simply accept Bitcoin.

Salinas runs Grupo Salinas, the sprawling conglomerate that controls the financial institution he based 19 years in the past. Ought to he handle to get Banco Azteca to simply accept Bitcoin, the financial institution would be a part of a small however rising list of banks transacting in Bitcoin. 

The financial institution claims to be one of Mexico’s largest, citing over 16 million financial savings accounts and 19 million credit score accounts. Till 2019, the financial institution operated in El Salvador, which lately declared Bitcoin as authorized tender. 

Salinas’s tweet was a response to Michael Saylor, the cloud computing knowledgeable turned Bitcoin bull who had tweeted a week-old video of the Mexican billionaire selling Bitcoin and calling fiat a “fraud.” 

Within the video, an interview with Jose Rodriguez of Bitcoin ATM supplier Chainbytes, Salinas stated that Bitcoin is “an asset that needs to be within the portfolio of any investor” and it “has worth and a world market the place it’s traded with huge liquidity worldwide.” Salinas then dismissed Dogecoin and different altcoins as “shitcoins.”

Firstly of the 12 months, Salinas joined the likes of Michael Saylor, Tesla CEO Elon Musk, and Skybridge’s Anthony Scaramucci, when he modified his Twitter bio to ‘Bitcoin’. In November final 12 months, Salinas tweeted that he had invested 10% of his liquid portfolio in Bitcoin. 

Who’s Salinas?

Salinas has a web value of $12.9 million according to Forbes, making him Mexico’s third-richest man and the 166th richest particular person on the earth. 

Salinas made his fortune as founder and chairman of retail and media conglomerate Grupo Salinas. The majority of his fortune comes from his stake in Grupo Elektra, a house home equipment retailer that makes use of Banco Azteca to promote loans to lower-middle-class Mexicans.

Salinas isn’t any stranger to controversy. In 2005, the US Securities and Change Fee charged TV Azteca—a Salinas enterprise—with trying to hide Salinas’s $109 million windfall by means of the undisclosed sale of TV Azteca inventory. The case was settled in September 2006 when Salinas agreed to pay the SEC $7.5 million in penalties and compensation. 

Throughout the pandemic, he additionally tweeted photos from an opulent yacht get together, whereas publicly downplaying the hazard of COVID and leaving a Mexico Metropolis Grupo Salinas name heart open in violation of lockdown measures. Three staff died from the virus

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