In mid-2021, Banco Azteca announced plans to be the first Mexican bank to accept Bitcoin, a plan that faced regulatory pushback but did not fully materialize.

Mexican billionaire Ricardo Salinas Pliego says roughly 70% of his $5 billion net worth is allocated to Bitcoin, arguing that fiat currencies lose purchasing power over time.

Salinas’ unit Coinpro is collaborating with Anchorage Digital to create a stablecoin-based payment rail between the U.S. and Mexico, designed for practical use rather than ideological commitment to stablecoins.

Banco Azteca cannot offer crypto services due to Bank of Mexico restrictions, which Salinas attributes to government incentives to curb crypto adoption and tax reliance on cash.

Salinas has elevated his Bitcoin allocation to about 80% of his liquid portfolio, up from 70% after a recent price dip, with the remaining 20% held in gold and silver mining equities.

The article ends with a standard disclaimer that the content is informational and not financial advice, urging readers to conduct their own research before investing.

He references historical discussions of gold in his family and notes the shift away from the gold standard, framing Bitcoin as a modern scarcity-based investment.

Salinas criticizes AI stocks as overpriced and says he would not invest in the AI bubble, reflecting a value-investing stance.

Salinas has floated the possibility of running for Mexico’s presidency in 2030 as a potential move to shape conditions for his descendants, leaving crypto regulation impact uncertain.

The broader crypto market shows mixed signals as investors compare Bitcoin to traditional assets like real estate.

A 2021 episode involved Salinas attempting a $400 million Bitcoin investment funded by a $150 million loan collateralized with Grupo Elektra shares through a fraudulent lender, Astor Capital Fund.

Bitcoin’s price is described as stagnant with low 24-hour volume, though Salinas’ endorsement could influence trader sentiment.