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Bitcoin Price Rises Following Mexican Billionaire Ricardo Salinas Pliego Tweets

“Me and the bank are working to become the first bank in Mexico to accept #Bitcoin,” he tweeted on Sunday. Pliego spoke about his support for bitcoin, telling his over 906,000 Twitter audience to “buy now and don’t have to sell”

Pliego also owns TV Azteca, Mexico’s second largest television station, and Grupo Elektra, a financial and retail services company. His net worth is nearly $16 billion, according to Forbes.

Bitcoin is up about 4.3% over the past 24 hours, reaching $34,201 per coin, according to Coindesk.

It’s been a few months since the digital currency Bitcoin hit a record high of nearly $65,000 in April. It dropped as low as $28,800 last week. After China escalates its crackdown on cryptocurrencies

As bitcoin struggles to bounce back from last week̵

7;s collapse Increased regulations may mask prices.

over the last weekend UK financial regulators have banned Binance, one of the largest cryptocurrency exchanges in the world. Some services are not offered in the country. The Japanese watchdog also said Friday that Binance is not registered to do business in the country.

On Monday, the Federal Reserve’s vice president of supervisory Randal Quarles made some offensive comments about bitcoin’s prospects.

“The additional attraction of Bitcoin is its novelty and anonymity,” he said. Quickly wasted assets Gold will always shine but novelty by definition fades.”

He added, “Bitcoin and its Bitcoin portfolio will remain a riskier and speculative investment rather than a revolutionary payment method. Therefore, it is unlikely to significantly affect the role of the US dollar.”

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