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Mexico’s Third Richest Billionaire: Don’t Sell Your Bitcoin During Crash

The Mexican billionaire believes the price of BTC will rise further in the long term, stating on Twitter that those who “buy and hold” his assets “will thank you later”.

Bitcoin dropped to $37,300 on Monday before rebounding just above $38,000.

Ricardo Salinas Pliego, the third richest Mexican billionaire, said that the current drop in Bitcoin prices is to buy more BTC and not sell.

According to the billionaire, when prices drop like they did with Bitcoin’s recent drop below $40,000, it’s time to carry more cryptocurrencies. Investors, he noted in a tweet, will be better off hoarding than selling.

Salinas, founder of Mexico’s second-largest television network, TV Azteca, and business conglomerate Grupo Salinas, noted:

“You have to buy bitcoin (keep buying when the price is low), so keep your BTC, forget about selling… trust me, you’ll thank me later.”

Salinas was bullish on Bitcoin before, noting in December 2021 that fiat money was “fake” and “paper lies”.

Bitcoin price drops below $38K

The billionaire’s comments come at a time when Bitcoin has seen its value plummet in recent weeks after a bounce failed to gain momentum above $45,000. At the time of writing, the cryptocurrency is trading near $38,780, with intraday prices hitting lows of $37,300.

The bounce above $38,000 puts Bitcoin in a key support and resistance zone that one analyst is watching closely.

According to pseudonymous trader Credible Crypto, the week may see BTC-USD remain shaky, but a positive resolution from consolidation is possible. Otherwise, he noted, BTC is likely to hit lows of $36,200 and likely invalidate the bullish scenario.

“It will be a slow week in my opinion as we are stuck between key support (38-39k) and key resistance at 41-42k. I suspect we moved a little between these two levels, but eventually we resolved this consolidation to the upside. The hard invalidation for this idea is a 36.2k tap. “

Coinbase will allow remittance recipients in Mexico to withdraw cash in local currency

Coinbase, a major US-based exchange, has announced that it will now allow remittance recipients in Mexico to withdraw funds received through its local currency service. This marks the company’s first foray into the remittance business in Mexico, allowing customers to withdraw cash at more than 37,000 convenience stores and other locations across the country.

Coinbase Allows Mexicans to Withdraw Cryptocurrency Remittances in Pesos

Popular cryptocurrency exchange Coinbase announced this week that it was making its first foray into remittances in Mexico. While the exchange previously allowed customers to send cryptocurrency to any other Coinbase user in the world, it will now offer remittance recipients the option to withdraw funds in local fiat currency, in this case, the Mexican peso.

Coinbase announced that it organized the exchange of these remittances at more than 37,000 convenience stores and other locations across the country. Remittance recipients will be able to carry out transactions by generating a unique redemption code in the app. The move is a result of Coinbase’s quest to remove friction from trading cryptocurrencies for fiat currencies.

Coinbase hopes that this use of cryptocurrency will allow the company to be competitive compared to traditional remittance alternatives already on the market. The use of this tool will be free until March 31, 2022.

Remittances and Fees

However, after the mentioned date, Coinbase will start charging fees for these services. The exchange announced that it will charge “a nominal fee that is still 25% to 50% cheaper than traditional cross-border payment solutions.”

The exchange says it recognizes that remittances are a global problem, suggesting a possible future expansion of this service to other countries. In this regard, the exchange stated:

While we started in Mexico, over time we will see other regions where customers face similar challenges.

The US/Mexico corridor remittance business is a multi-million dollar enterprise. According to data from the World Bank and Banco de Mexico, Mexican households received $42.17 billion in remittances during the first ten months of 2021, most of which came from US money orders and wire transfers.