Mexican Bank, Banco Azteca Working to be the First Bank in Mexico to Accept Bitcoin

Ricardo Salinas, one of the richest men in Mexico is bullish on Bitcoin (BTC). His conviction that Bitcoin is a viable store of asset and a superior alternative to fiat currencies has stirred his resolve to work to make his bank, Banco Azteca the first to accept Bitcoin in Mexico. Salinas made this revelation on Twitter in response to his past comments on Bitcoin shared by the duo of Anthony Pompliano and MicroStrategy CEO, Michael Saylor.

Per the translated version of the comments shared in an interview, Salinas noted that he has invested a lot of time in studying Bitcoin, and recommends that it is an asset every investor should have in his portfolio. 

“It is an asset that has international value, that is traded with an enormous liquidity on a global level, and that is enough reason to be part of every portfolio, period,” he said.

Bitcoin is a vital asset for a growing number of corporate investors, partly because of its 21 million finite supply. This coded feature according to Salinas makes Bitcoin superior to fiat currencies which he calls a “Fraud.” Salinas chose Bitcoin when asked what asset he can HODL for about 30 years.

The Push for Banco Azteca

Based on his resolve, Salinas says he is working to make Banco Azteca, a banking institution that operates in a number of Latin American countries, the first to receive Bitcoin in Mexico. 

Currently, the world is seeing a gradual transition in which banks are beginning to offer direct crypto-related services to their clients. While Spanish bank BBVA floated a crypto-related offering to its Swiss clients, American banking giants including JPMorgan, Morgan Stanley and Goldman Sachs amongst others are also creating avenues for their clients to invest in Bitcoin.

Salinas did not unveil the details of the approach Banco Azteca is taking to provide Bitcoin-related services, however, the billionaire investor noted that further information will be revealed in the near future. The embrace of major financial institutions into the Bitcoin ecosystem is further increasing the establishment of the cryptocurrency as an investable asset.

Ongoing regulatory clampdown on crypto activities in China has contributed to the fall in the price of the asset in the past weeks. Currently changing hands at $33,314.28, up 6.11% in the past 24 hours, a number of institutional investors are buying up more, with hopes of rising in price in the near to long term.