Bitcoin, Economy, News & Updates

Mexican Firms Plans To Follow Tesla’s Footsteps Investing in Bitcoin

Mexican firms are developing an interest in chasing the lead of corporations north of the border and endeavor to copy the Bitcoin (BTC)-buying leads of United States-based companies like Tesla.

These were the results of a report from El Economista, which cited Mauricio Hurtado, managing PwC Mexico partner, reporting that Mexican companies were now enthusiastic about climbing aboard the bitcoin bandwagon.

Hurtado cited that while in the past firms were concerned that a lack of regulatory oversight body made crypto too risky as an investment asset, things have changed in recent times – and added that many feel they cannot afford to stay out of “what is happening” around them.

He announced that Mexican firms’ confidence in crypto investment has been “raised” by other players’ transactions, with MicroStrategy and Square also active in the bitcoin-buying field. At the same time, international central banks have also made their crypto intentions clear.

The PwC executive continued that “a significant number of players” see “these currencies” as a “reliable transaction mechanism.

He stated,

“Therefore, businesses are adjusting to market realities in order to prevail and gain an advantage over their competitors. We are seeing an important change in this regard.”

Hurtado also considered that “technological changes” have made numerous entrepreneurs, such as Tesla’s chief Elon Musk, develop “a greater acceptance of cryptocurrencies as a means of payment in commercial transactions.

He gathered that the trend toward crypto was something that PwC, “as a firm,” was “very” aware of “in terms of market consumption patterns.

Crypto’s profile is rising in Mexico. While no notable firm is yet to publish that it went the Tesla route, a group of investors late last year supported the domestic crypto exchange Bitso to the tune of USD 62 million as part of a Latin America expansion plan. 

In contrast, Ricardo Salinas Pliego, one of the country’s wealthiest people, last year announced he had invested 10% of his liquid portfolio in BTC.

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