PwC Chief: Mexican Companies Want to Follow Tesla into Bitcoin Investment

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:54 EDT

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Mexican companies are developing an interest in following the lead of companies north of the border – and could seek to emulate the bitcoin (BTC)-buying leads of United States-based companies like Tesla.

These were the conclusions of a report from El Economista, which quoted Mauricio Hurtado, managing partner of PwC Mexico as stating that Mexican firms were now keen to climb aboard the bitcoin bandwagon.

Hurtado claimed that while in the past firms were concerned that a lack of regulatory oversight body made crypto too risky as an investment asset, things have changed in recent times – and added that many feel they simply cannot afford to stay out of “what is happening” around them.

He claimed that Mexican firms’ confidence in crypto investment has been “raised” by other players’ transactions, with MicroStrategy and Square also active in the bitcoin-buying field, while major international banks have also made their crypto intentions clear.

And the PwC executive added that “a significant number of players” see “these currencies” as a “reliable transaction mechanism.”

He said,

“Therefore, businesses are adjusting to market realities in order to prevail and gain an advantage over their competitors. We are seeing an important change in this regard.”

Hurtado also opined that “technological changes” have made many entrepreneurs, such as Tesla’s chief Elon Musk, develop “a greater acceptance of cryptocurrencies as a means of payment in commercial transactions.”

He concluded that the trend toward crypto was something that PwC, “as a firm” was “very” aware of “in terms of market consumption patterns.”

Crypto’s profile is rising in Mexico, and while no major firm is yet to announce that it went the Tesla route, a group of investors late last year backed the domestic crypto exchange Bitso to the tune of USD 62 million as part of a Latin America expansion plan, while Ricardo Salinas Pliego, one of the country’s richest people, last year announced he had invested 10% of his liquid portfolio in BTC.
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