Bitcoin gets motion on Mexican billionaire\`s tweet

Bitcoin rose Monday after Ricardo Salinas Pliego_ the owner of Mexico's Banco Azteca_ said he was pushing his country to accept the cryptocurrency. He also encouraged his Twitter followers to buy it.

"Me and my bank are working to be the first bank in Mexico to accept #Bitcoin_" he tweeted Sunday. Pliego has been vocal about his support for bitcoin_ telling his Twitter audience of more than 906_000 people to "buy now and not to sell."

Pliego also owns TV Azteca_ Mexico's second-largest TV broadcaster_ and Grupo Elektra_ a financial services and retail company. His net worth is nearly $16 billion_ according to Forbes.

Bitcoin has jumped about 4.3% over the past 24 hours_ reaching $34_201 per coin_ according to Coindesk.

It's been a rocky couple of months for the cryptocurrency. Bitcoin_ which hit an all-time high of nearly $65_000 in April_ plummeted as low as $28_800 last week after China escalated its crackdown on digital currencies.

As bitcoin attempts a comeback from last week's collapse_ the specter of increased regulation could keep a lid on prices.

Over the weekend_ Britain's financial regulator banned Binance_ one of the world's biggest cryptocurrency exchanges_ from offering certain services in the country. Japan's watchdog also said Friday that Binance isn't registered to do business in the country.

On Monday_ Randal Quarles_ the Federal Reserve's vice chair for supervision_ shared scathing remarks about bitcoin's prospects.

"Bitcoin's principal additional attractions are its novelty and its anonymity_" he said. "The anonymity will make it appropriately the target for increasingly comprehensive scrutiny from law enforcement and the novelty is a rapidly wasting asset. Gold will always glitter_ but novelty_ by definition_ fades."

He added_ "Bitcoin and its ilk will_ accordingly_ almost certainly remain a risky and speculative investment rather than a revolutionary means of payment_ and they are therefore highly unlikely to affect the role of the US dollar."