Bitcoin has died a thousand deaths, has resurrected out of all of them, is more resilient than ever it has literally saved its ass from a bear market by closing the weekly above $33,000. Man, what an asset this Bitcoin thing is... I wish I had one.
You know what's even more bullish now, than El Salvador accepting it as legal tender?
Ricardo Salinas Pliego, the third wealthiest man in Mexico who wants his bank to be the first in the country to accept BTC. That's bullish af and it comes from a Bitcoin bull, the man who recently called the dollar a joke.
Salinas is the founder and chairman of Grupo Salinas, a Mexican corporate conglomerate spanning television and radio network TV Azteca, consumer electronics retailer Grupo Elektra, football club Mazatlan F.C., and major local bank, Banco Azteca.
Banco Azteca, which had annual revenue of $2.54 billion in 2020, operates in Mexico, Panama, Guatemala, Honduras, and Peru. The company, which began operating the bank in 2002, offers consumer credit for goods, personal and small business loans, credit cards, mortgages, and payroll systems.
According to the Bloomberg Billionaires Index, Salinas’ fortune has risen by $2.8 billion this year to tag $15.8 billion.
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What have I told ya about a couple of months ago, when Bitcoin was still on the wave ridding high, that the next level of FOMO will be banks getting into Bitcoin and nations themselves?! We already have two precise examples as such and this thing is just getting started. The times when Elon played with the market are gone.
The masses have spotted the joker mask behind him and no longer falling for this shit, thus I believe that the recent decent spike in price that Bitcoin registered the past twelve hours or so is fueled by Salinas himself and "Gold-Obsessed Indians That Are Pouring Billions Into Crypto" not your joker trying to make a joke coin a real deal.
Looks like India's not banning shit after all and the FUD coming from them and China is already history with Bitcoin. Let the Chinese one mold in its own communist swamp. Back to India now...
In India, where households own more than 25,000 tonnes of gold, investments in crypto grew from about $200 million to nearly $40 billion in the past year, according to Chainalysis. That’s despite outright hostility toward the asset class from the central bank and a proposed trading ban. Richi Sood, a 32-year-old entrepreneur is one of those who swerved from gold to crypto. Since December, she’s put in just over 1 million rupees ($13,400) – some of it borrowed from her father – into Bitcoin, Dogecoin and Ether.
source
Indians seem to be willing to take the risk of a potential ban and invest their money and their parents money in hard digital assets. Bitcoin's time has come and there's no one to stop it. Yes, it might be banned in countries like China, but when a door closes, a window gets opened. See the example of Chinese miners moving over to Texas and Kazakhstan after the communist party has kicked them out of the country.
"Banning #Bitcoin makes it stronger.
Banning Bitcoin mining makes the network more resilient.
Future generations will look at this time and it’ll be obvious that a decentralised monetary network at scale is more resilient than a nation state acting against it."
Can't agree more with Willy Woo on this one. "In hindsight it was inevitable", but did Elon Musk really had the perspective, or he was just playing with people's minds and life savings? That, in a future episode... Have a great Monday and weekend ahead.
Thanks for attention,
Adrian
