Bitcoin price climbs on Mexican billionaire Ricardo Salinas Pliego’s tweet

“Me and my financial institution are working to be the primary financial institution in Mexico to just accept #Bitcoin,” he tweeted Sunday. Pliego has been vocal about his assist for bitcoin, telling his Twitter viewers of greater than 906,000 individuals to “purchase now and to not promote.”

Pliego additionally owns TV Azteca, Mexico’s second-largest TV broadcaster, and Grupo Elektra, a monetary providers and retail firm. His web value is sort of $16 billion, in accordance with Forbes.

Bitcoin has jumped about 4.3% over the previous 24 hours, reaching $34,201 per coin, in accordance with Coindesk.

It’s been a rocky couple of months for the cryptocurrency. Bitcoin, which hit an all-time excessive of practically $65,000 in April, plummeted as little as $28,800 final week after China escalated its crackdown on digital currencies.

As bitcoin makes an attempt a comeback from final week’s collapse, the specter of elevated regulation may preserve a lid on costs.

Over the weekend, Britain’s monetary regulator banned Binance, one of many world’s largest cryptocurrency exchanges, from providing sure providers within the nation. Japan’s watchdog additionally stated Friday that Binance isn’t registered to do enterprise within the nation.

On Monday, Randal Quarles, the Federal Reserve’s vice chair for supervision, shared scathing remarks about bitcoin’s prospects.

“Bitcoin’s principal extra points of interest are its novelty and its anonymity,” he stated. “The anonymity will make it appropriately the goal for more and more complete scrutiny from regulation enforcement and the novelty is a quickly losing asset. Gold will all the time glitter, however novelty, by definition, fades.”

He added, “Bitcoin and its ilk will, accordingly, nearly actually stay a dangerous and speculative funding reasonably than a revolutionary technique of cost, and they’re due to this fact extremely unlikely to have an effect on the function of the US greenback.”

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