Mexico’s Third Richest Person: Buy Bitcoin Right Now

One of the wealthiest Mexicans – Ricardo Salinas Pliego – continues with his support for bitcoin by urging investors to allocate money to it. Comparing the primary cryptocurrency to gold, he gave his preference to the former.

It’s The New Gold

The Mexican billionaire businessman and Founder of Grupo Salinas – Ricardo Salinas Pliego – has been a bitcoin advocate for years. Last year, he admitted he started investing in the leading digital asset in 2016 when it stood around $800.

In June 2021, Salinas Pliego opined that BTC is a financial tool that has “international value.” It is “traded with enormous liquidity,” and for that reason, every investor should own portions of it. Shortly after, he labeled all fiat currencies as “fraud” and said he would hold only bitcoin for the next 30 years if he had to choose.

In a recent tweet, the Mexican doubled down on his support, advising people to enter the BTC ecosystem as soon as possible. He also slammed the USA, specifically the Federal Reserve, for “the scale of fake money” it has created.

It is worth noting that the central banking system of the States printed trillions of dollars to reduce the economic blow that the COVID-19 pandemic caused. However, the vast amount of cash in circulation along with other controversial monetary policies has led to increasing inflation rates globally.

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On the other hand, bitcoin is finite as there will be only 21 million BTCs ever to exist. As such, many view the asset as a hedge against inflation and an appropriate investment solution during a monetary crisis. Paul Tudor Jones and Jordan Peterson are among the examples.

Salinas Pliego, known as Mexico’s third-richest man, is also a supporter of that statement. He added that bitcoin is “the new digital gold.” Both assets have similar use-cases, but the cryptocurrency is superior because transporting it is “so much easier than having gold in your pockets,” he concluded.

Ricardo Salinas Pliego. Source: Bloomberg
Ricardo Salinas Pliego. Source: Bloomberg

Banco Azteca Was About to Offer BTC Services

Grupo Salinas is the parent company of Banco Azteca (one of the leading banks in Mexico). In June this year, Salinas Pliego announced his intentions to provide crypto opportunities to clients of the financial institution.

However, the country’s Central Bank, the Ministry of Finance, and the National Banking and Securities Commission reiterated that digital assets are not considered money according to the current law in Mexico. Therefore, banks do not have permission to operate with bitcoin and the altcoins in any way whatsoever.

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Gaming Studio Altcoin Built on Ethereum and Polygon Spikes After Binance Listing

Binance is announcing further support for gaming altcoins built on the Ethereum (ETH) and Polygon (MATIC) networks.

In a Thanksgiving announcement, the crypto trading giant posted plans to open trading for Vulcan Forged PYR (PYR) today, November 26.

Vulcan Forged is a non-fungible token (NFT) gaming studio built on the Polygon and Ethereum blockchains. PYR is the project’s native token allowing holders to purchase NFTs, collect staking rewards and pay on-chain fees.

The PYR token has spiked over 18% in the last 24 hours and is currently trading at $35.69. PYR is available to trade against Bitcoin (BTC), Binance USD (BUSD), and Tether (USDT) on the Binance platform. The Binance listing comes on the same day as Huobi Global’s listing of PYR in the platform’s Pioneer Zone.

The PYR listing is the second such gaming altcoin to earn a Binance listing this week. In addition to the Flexa collateral token AMP, Binance listed PlayDapp, another gaming token built on Ethereum and Polygon, for trading earlier this week.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Hillary Clinton Calls on Biden Administration To Implement US Crypto Regulations

Former Secretary of State Hillary Clinton is urging the Biden administration to adopt a sensible regulatory framework for crypto.

In a new interview with MSNBC’s Rachel Maddow, Clinton says that the information age requires new rules to meet the needs of the era.

“Our current laws, our framework, is just not adequate for what we’re facing, and there are a number of very good ideas about how to both apply existing laws and to fill the gaps that exist…

We have to start with how we create a framework. We should work in concert with our friends in Europe who are also looking at a lot of these issues to try to come up with sensible solutions that would be the equivalent of regulation in the information age.”

At a Bloomberg panel last week, Clinton said that crypto has the potential to negatively impact the US dollar and threaten the stability of small and large nations.  

The 2016 Democratic Party presidential nominee now says that implementing crypto regulation is a potential solution. 

“I want to mention one other thing that is on the horizon that people are only beginning to pay attention to and that’s the need to regulate the cryptocurrency markets because imagine the combination of social media, the algorithms that drive social media, the amassing of even larger sums of money through the control of certain cryptocurrency chains.

We’re looking at not only states such as China or Russia or others manipulating technology of all kinds to their advantage. We’re looking at non-state actors either in concert with states or on their own destabilizing countries, destabilizing the dollar as the reserve currency.”

Clinton is calling on the White House to take action.

“There are so many big questions that the Biden administration must address.

I just don’t think we have much time and therefore I hope from everything I’m hearing from them that that’s exactly what they’re going to try to do.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Is Bitcoin Entering a Bear Market? Top Analyst Updates Outlook After Sharp Crypto Pullback

Popular crypto strategist and trader Michaël van de Poppe is looking at where Bitcoin (BTC) might be headed as markets worldwide nosedive amid the discovery of a new coronavirus variant.

In a new strategy session, Van de Poppe tells his 148,000 YouTube subscribers that it’s a combination of concern about more lockdowns as well as a cyclical correction that has investors seeing red.

“Not only the crypto markets are showing weakness at this point, as also the European stock markets opened significantly red today… and also the US stock markets are going to open in the red. But there are certain fears about the coronavirus lockdowns coming again. But there are also discussions about tapering happening at this point, and actually, the markets were due for a correction too. We have been grinding up heavily while the actual impact of a potential lockdown was not visible yet.

Right now we do see one, and we still have a very natural and healthy corrective move which we haven’t been seeing in the past few months. In September we’ve had one, but since then no real correction has been taking place.

So finally we’re getting it, and when the dollar is showing strength it would make sense that the equities are going to have some pain too. Bitcoin has been seeing this correction already. Equities are following suit in the past week now too.”

The analyst goes on to assess Bitcoin’s latest price dip, going so far as to conclude that while he doesn’t think BTC is entering a bull market, he’s doubtful about relying on traditional four-year models for predicting future price action.

“I really believe the reason why Bitcoin is dropping right now is because of the macroeconomics taking place. But regardless of that, I’m still very sure that the markets are not going to have a bear market at this stage. I think we are still eager for continuation in a bullish manner, but I do realize that the lengthening cycle’s most likely going to take place. A healthy correction is also happening at this point, in which the question becomes, where is Bitcoin going to bottom out? And how are altcoins going to perform out of that?

We can throw away the four-year cycles, we can throw away PlanB’s stock-to-flow model with these predictions because it’s not valid anymore. We are in a different environment when it comes to the markets right now. Clearly, we are currently having a harsh corrective move… but it shows that the markets are not predictable and expecting Bitcoin to run in four-year cycles is just not the case.”

Moving on to specific BTC price analysis, Van de Poppe is eyeing $55,000 as an important support level, but also thinks the leading crypto asset could fall as low as $48,000 – without signifying an end to the bull run.

Source: Michaël van de Poppe/YouTube

“When we’re looking at Bitcoin against [the US dollar], at this point we still have a very important support level [approximately $55,000] that we are acting on right now. The crucial thing when it comes to the daily time frame is that we are flipping this level with $66,000 as resistance and started to crack south.

Meaning that currently, we are into higher time-frame support, but definitely depending on how this daily’s going to close, this is going to be weak going into the weekend, and especially going into next week, it will probably cause some more pain across markets.

In that case, when we’re looking at levels that we should be watching, [$55,000 to $55,600] is the first real level that you should be looking out for. However, the crucial level to me is still this level around $48,000. Even if we get in that region, I still believe that we’re bullish in markets and we’re just having a very natural corrective move before we’re going to accelerate again in 2022.”

At time of writing, Bitcoin is down nearly 8% on the day and trading at $55,186.



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Price analysis 11/26: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, AVAX, SHIB

Bitcoin (BTC) and most major altcoins sold off along with global equity markets and crude oil on Nov. 26. The markets were roiled on news of a new coronavirus variant detected in South Africa that is worrying scientists due to its large number of mutations in the spike protein.

The sharp fall has resulted in cross-crypto liquidations of over $750 million over the 24-hour period but the funding rates across exchanges remain elevated. This suggests that the selling may not be over yet.

Daily cryptocurrency market performance. Source: Coin360

Bitcoin’s monthly close for November is most likely not going to hit analyst PlanB’s worst-case scenario of $98,000. This will be the first miss after the model had accurately predicted the end-of-month price levels for August, September and October. However, the stock-to-flow model creator believes that the target objective of $100,000 for Bitcoin in this halving cycle still holds good.

Is the current decline a mouthwatering Black Friday deal or the start of a short-term bear phase? Let’s study the charts of the top-10 cryptocurrencies to find out.