Wasn't that the best?  The value of Bitcoin plummets and Salinas Pliego remains silent

Mexico.- Although he became a great defender of cryptocurrencies, the businessman Ricardo Salinas Pliego has remained silent on the fall in the value of Bitcoinwhich has caused millionaire losses to investors.

Since the last few months Bitcoin, the cryptocurrency most important worldwide, has suffered a downward trend that has led it to lose more than half of its value, falling por under $30 thousand dollars last Tuesday, May 10, a level that had not been seen since July 2021.

This depreciation represents a 57% drop in the value reached by Bitcoin at its record November 2021, which translates into heavy losses for individuals and funds that invested in the cryptocurrency in recent months.

Read more: This is how the price of the dollar in Mexico dawns today, Friday, May 13, 2022

In this context, the multimillionaire Ricardo Salinas Pliego, who has become a staunch defender of cryptocurrencies in Mexico and even advised to buy Bitcoin in the face of inflationhas remained silent on the resounding fall of the most important cryptocurrency in the world.

From his social networks, the owner of Banco Azteca has urged his followers to invest their money in Bitcoin, ensuring that it is the best way to save and resist the impact of inflation in Mexico.

“We already know what is going to happen with inflation, I recommend you buy #Bitcoin to take care of your moneyminimum a small savings,” Salinas Pliego wrote on Twitter on April 11, 2022.

Salinas Pliego has recommended his followers to invest their money in Bitcoin, but now he is silent in the face of the cryptocurrency’s fall. Photo: Twitter

Mexico’s third-richest man even made some of his businesses, like Elektra stores, start accepting payments via Bitcoin, despite the fact that the Bank of Mexico (Banxico) has warned that cryptocurrencies cannot be used to buy or sell goods in the country.

Some users of the social network who decided to follow the advice of Salinas Pliego they have begun to question it before the fall of Bitcoinasking for an explanation or measure to avoid losing your money.

“@RicardoBSalinas what is happening with #bitcoin what needs to be done?”, “Uncle @RicardoBSalinas has taught us to enter the world of Bitcoin, now teach us to get out of this fall”, are some of the user comments that are read in Twitter.

However, until noon on May 13, 2022, the employer Ricardo Salinas Pliego has not offered a response or recommendation to his followers in the face of the collapse in the value of Bitcoin.

Why did Bitcoin fall?

In a single day the cryptocurrency market lost more than 200 billion dollars, with Bitcoin plummeting below 26 thousand dollars for the first time in 16 months, after losing nearly 20% in five days.

In turn, Ether, the second most popular cryptocurrency, suffered a drop below $2,000, trading at $1,719 a unit on May 12, a figure not seen since July of last year.

Investors are withdrawing their investments in these cryptocurrencies that have been affected by inflation, the aggressive policy of raising interest rates by the Federal Reserve of the United States and the downward revision of economic projections.

Read more: Treasury maintains fiscal stimulus for the price of gasoline and diesel for the tenth week

Bitcoin’s decline has been influenced by the crash of the theoretically dollar-pegged TerraUSD cryptocurrency, which plunged to an all-time low of 23 cents on May 11.

Unlike other cryptocurrencies, TerraUSD is not backed by other assets, but rather maintained its parity with the dollar through a complex algorithm linked to Luna, an unbacked cryptocurrency.

With information from EFE.

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