With the recent bitcoin buying spree embarked on by several large institutional investors, Mexican companies are becoming increasingly interested in investing in cryptocurrencies, especially bitcoin.
According to a Monday report by El Economista, Mauricio Hurtado, the managing partner of PwC Mexico admitted that the appetite for cryptocurrency use by Mexican companies is growing at an incredible pace.
He stated that the reason for this growing interest is because of the many use cases of these cryptocurrencies that are constantly coming to the fore every day, causing companies to restrategize their business model to suitÂ
“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 you are seeing an important change in this aspect,” he said.
He added that although these firms had been skeptical of investing in cryptocurrencies due to their lack of regulation and the high risks they pose, they can no longer afford to “stay out of what is happening.”
These Mexican firms received a boost of confidence from the moves made by several multinational companies who have joined the crypto bandwagon.
Companies like MicroStrategy, Square, and more recently, Tesla, have all ventured into the world of cryptocurrencies intending to leverage their potential.
Due to advancements in technology, these large companies have grasped the benefits of cryptocurrencies and adopted them as a means of commercial payment.
Bitcoin and several other top cryptocurrencies have been used as a long-term store of value, and have proven to be a hedge against inflation in contrast to fiat currencies.
Therefore, these Mexican firms are trying to follow the footsteps of Tesla, MicroStrategy, and many other companies that have invested in cryptocurrencies, looking to harness its potential to the full.
Banks Join The Trend
Traditional financial institutions have long been known for their strict stance against cryptocurrencies. However, banks and other traditional financial services providers are not left out in the recent bitcoin rally.
Just a few days ago, the oldest bank in America, BNY Mellon, announced that it will be offering bitcoin services to its clients.
