A Mexican billionaire, Ricardo Salinas, has announced that his company will begin accepting Bitcoin payments for goods and services at Elektra stores. In a recent video, Ricardo Salinas Pliego, the CEO of Grupo Salinas, said that he is working with BitPay to integrate the cryptocurrency into his stores. Grupo Salinas includes Elektra, one of the largest retail chains in Mexico, specializing in electronics. BitPay is a payment processing service that enables merchants to accept Bitcoin payments. The company has shown steady growth since its inception.
BitPay’s Recent Work with Grupo Salinas
BitPay’s recent work with Grupo Salinas is a big deal for the future of cryptocurrency—Grupo Salinas has annual revenues of $17 billion USD and operates businesses in more than 15 countries. The first store to accept Bitcoin is Elektra’s flagship location near the US-Mexico border. This decision was carefully calculated: the Mexican billionaire, Ricardo Salinas, estimates that 80% of Elektra customers are “unbanked,” meaning they do not have access to traditional banking services such as checking or savings accounts and credit cards. This makes it difficult for many of these people to shop online. Accepting Bitcoin payments will be easier for these consumers to buy what they need at Elektra stores.
Salinas’s investment in digital currency marks a significant milestone for the entire cryptocurrency movement. In a country where Bitcoin has been gaining popularity for daily purchases such as groceries, this public endorsement from one of Mexico’s wealthiest citizens could open new doors for cryptocurrency use.
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