Mexican Companies Are Willing to Join the Bitcoin Bandwagon in the Wake of Tesla's Investment, Says Expert

Bitcoin-buying frenzy among major companies could hit Mexican firms soon, as interest keeps increasing across the country. An expert is expecting that local businesses will follow the same path as mainstream U.S.-based companies such as Tesla.

Current Bitcoin Performance Could Make Companies Rethink Their Business Models

During an interview with El Economista, Mauricio Hurtado, managing partner of Price Waterhouse Cooper Mexico, says Mexican companies’ current appetite to acquire cryptos like bitcoin (BTC) is seeing bullish steam.

Despite the uncertainties that cryptos have, current crypto market performances create enough confidence to rethink the current business model, said the expert. Hurtado added on the matter:

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 to prevail and have an advantage over their competitors; then you see an important change in this aspect.

Tesla, Microstrategy, Square Investments Leverage Bitcoin ‘as a Store of Value’

Moreover, Hurtado said that cryptocurrencies bring some “stability” to people in terms of their plans for savings.

Citing Tomás Álvarez Melis, Volabit’s director, El Economista stated that Microstrategy, Tesla, and Square’s million-dollar bitcoin investments also bolstered the consolidation of BTC as a store of value.

PWC’s managing partner agreed with such a statement, adding that crypto confidence is being transmitted to both retailers and companies. Hurtado pointed out that consulting firms should keep an eye on cryptocurrency developments and their consumer patterns:

The technological changes that we are experiencing have made many entrepreneurs, such as Tesla, have a greater acceptance of cryptocurrencies as a means of payment in commercial transactions. It is a trend that is there, and we, as a firm, PWC, are very attentive in not neglecting all traditional currencies’ trajectory. But in giving the attention that corresponds to all the changes in terms of even market consumption patterns in the matter technology and employment patterns of the workforce, which has a direct correlation with currencies like this.