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Following Tesla’s Announcement, Mexican Firms Are Joining the Bitcoin Bandwagon

Mauricio Hutardo, the managing partner of PwC Mexico commented that several Mexican firms are taking into consideration investing in cryptocurrencies since investors now have more faith in Bitcoin and other cryptos.

“This occurs because there is a significant number of players who are seeing in these currencies a transaction mechanism that is reliable and therefore, businesses adjust to market realities in order to prevail and have an advantage over their competitors; So we are seeing an important change in this aspect.”

Up until not long ago, private investors and businesses were known to be rather skeptical when it came to how reliable crypto could be as an investment or money. Hurtado believes these fears came from the fact that cryptocurrencies didn’t have anything of value to mitigate the risk of investment like gold has.

The level of skepticism is falling more and more as corporate investors gain confidence in crypto following the announcement made by Tesla that it has invested in bitcoin.

Of course, Tesla is just one of the many names that have joined the crypto space, which now even includes banks. Many have started to see Bitcoin as a store of value – just like gold.

The director of Volabit, Tomás Álvarez Melis, believes that corporate investors and individuals go long term on Bitcoin as they understand that keeping the money in fiat currencies means they would lose money as a result of inflation.

When Tesla decided to invest in Bitcoin, it basically became a tipping point, as it boosted the confidence of investors in the digital asset.

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