Elektra has become first retail chain to accept bitcoin in Mexico

The Bitcoin Lightning Network protocol will be used to carry out transactions

20.12.2021 - 11:00

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What’s new? One of Mexico's largest online retail stores, Elektra, has announced that it will start accepting bitcoin for purchases. Ricardo Salinas Pliego, the company’s founder and chairman of the board of directors, posted this on his Twitter account.

Los rumores son ciertos 😎, @ElektraMx es la 1er tienda (de retail) en México 🇲🇽 que permite comprar con #Bitcoin. Siento mucho volver a ganarle a la competencia 😂😜😎. https://t.co/1Lm9cbfGeL— Ricardo Salinas Pliego (@RicardoBSalinas) December 16, 2021

Why did the director make this decision? Pliego is a staunch supporter of bitcoin. In November 2020, he disclosed that he had invested 10% of his liquid portfolio in the first cryptocurrency. In mid-2021, he criticized fiat, calling it the biggest fraud in human history:

“I have invested a lot of time studying bitcoin and I think it is an asset that should be part of every investor’s portfolio. Fiat is a fraud. When I started my career in 1981, the peso was 20:1(USD), today we are at 20 000:1(USD).”

In September, Pliego announced that Elektra would integrate the Bitcoin Lightning Network into its operations, allowing customers to pay for purchases using the cryptocurrency.

What is known about the retailer? Elektra is Amazon's counterpart in Mexico, allowing online purchases of various household goods, electronics, and personal items. The company is a part of Grupo Elektra, one of the largest financial and retailing corporations in North America with a market value of $16,3 billion.

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