Latam Insights: Mexican Billionaire Ricardo Salinas' Bitcoin Investment Advice, Bitso's Latam Trends Report

Mexican Billionaire Ricardo Salinas Gives Bitcoin Investment Advice

Mexican billionaire Ricardo Salinas, a well-known bitcoin advocate and chairman of Grupo Salinas, commented on the recent cryptocurrency surge on social media platform X on Monday. He offered insights on investing in bitcoin and listed four reasons why he believes investors should consider buying BTC.

As part of his recommendations, Salinas stated:

Investing in bitcoin is like betting on a new but promising company in its early stage. Although volatile and risky, bitcoin has shown impressive growth since its inception, outperforming many other types of investments in terms of returns.

Furthermore, Salinas commented on the particular volatility of the cryptocurrency market, advising potential investors about not making rash decisions based on price behavior. “You have to know how to invest and be patient, not get scared when it goes down and buy, and not get excited when it goes up and sell,” he concluded.

Bitso Finds Bitcoin Still Leads Latam Users’ Preference

Bitso, a Mexican cryptocurrency exchange with a presence in several countries in Latam, has dissected the trends that Latam users followed during 2023. Kicking off 2024 for the exchange, Bitso Argentina CEO Julian Colombo told local media that, for the most part, Latam was a bitcoin-centric region, with the first cryptocurrency being present in more than half of the wallets.

Bitso’s data found that in Latam, 53% of all the volumes were held in bitcoin, followed by ether, which represented only 16%. Furthermore, stablecoins reached 5%.

Honduras Bans Financial Institutions From Making or Facilitating Crypto Transactions

The National Banking and Insurance Commission of Honduras issued a notice to ban banks and other financial institutions from dealing with crypto in different ways. The notice states that these cannot “maintain, invest, intermediate or operate with cryptocurrencies, crypto assets, virtual currencies, tokens or any other similar virtual asset, which have not been issued or authorized by the Central Bank of Honduras.”

Furthermore, the commission also forbids the use of the services of these institutions to realize operations with this kind of instrument.

The Central Bank of Honduras had warned about the dangers of using cryptocurrency before, stressing these “do not have support, so they are not regulated nor is their use guaranteed.”

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