Despite all the noise on social media and the current crypto market condition of the prolonged bear market for months now since the all-time high, facts show that Bitcoin is Good Business, even the two of the most attacked Bitcoin holders in the world have gotten a lot of benefits from Bitcoin despite what the most people and crypto critics think about their decision to adopt Bitcoin when I said the two of the most attacked Bitcoin holders I was referring El Salvador and Microstrategy that holds some reasonable amount of Bitcoin in their crypto portfolio.
El Salvador And Microstrategy Bitcoin Journey So Far
The President of El Salvador Nayib Bukele first announced that his country was going to adopt bitcoin during the 2021 Bitcoin conference in Miami and in September 2021, El Salvador President announced that the country has adopted Bitcoin as legal tender alongside the united states dollar, making them the first country in the world to adopted Bitcoin as legal tender, the idea of Bitcoin as legal tender was not welcome by most of the El Salvadoran citizens at first, as the had a huge protest against it and even destroyed a lot of Bitcoin ATM's installed in the country on their independence day.
A year before El Salvador adopted Bitcoin as legal tender, Michael Saylor the former CEO and Chairman of Microstrategy, now stepped down to be just Chairman of the company talked about Microstrategy holding Bitcoin on their balance sheet and its first bitcoin purchase was on the 10th of August, 2020, which was the first time the company had their first Bitcoin shopping spree. Now even with the company having over $1 billion in unrealized loss, $MSTR has outperformed 97% of S&P 500 stocks.
El Salvador And Microstrategy Bitcoin Benefits
The benefits of Bitcoin adoption have been massive for both the company and country, after Michael Saylor stepped down as CEO of Microstrategy, he tweeted that his company's adoption of Bitcoin has made its stock outperform S&P 500, Gold, Silver, and other big tech companies like GOOG, AAPL, META, AMZN, and NFLX. while El Salvador's adoption of Bitcoin as legal tender has made their economy do well, especially when it comes to the tourism sector. Even without the crypto bull run El Salvador's Bitcoin adoption is paying off despite how much people predicted that their Bitcoin adoption will ruin the country's economy. The president stated that only a few countries were able to get their tourism back to what it used to be pre-pandemic and that El Salvador tourism is doing well due to Bitcoin and surf, which is why I said Bitcoin is good for business.
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