Bitcoin’s acceptance has made a huge surge over the last couple of years. Having been called “a scam” more than enough times, Bitcoin has now become a global phenomenon. Countries, companies and influential personalities are increasingly welcoming it into their systems. Let’s dive in further below!
Countries Accepting Bitcoin
El Salvador made history in 2021 by becoming the first country in the world to accept Bitcoin as legal means of payment. Led by President Nayib Bukele, the country adopted Bitcoin with the hope of stimulating economic growth. Since then, citizens and businesses in El Salvador have been able to accept payments in Bitcoin. The government even created a national Bitcoin savings fund to manage price volatility. They are now still buying Bitcoin every year!
Zimbabwe, among other countries, is still considering Bitcoin adoption. Although Zimbabwe initially banned Bitcoin, it has been considering changing its stance in recent years. Due to hyperinflation and economic uncertainties, more and more Zimbabweans are interested in Bitcoin as a way of improving their financial situation. As of now, the country is in a phase of transition: From a strict ban in 2017, to now being more open, considering potential benefits and risks.
Businesses and Bitcoin
Bitcoin’s acceptance is not just limited to countries. Large companies, such as MicroStrategy and Tesla, have made big investments in Bitcoin. MicroStrategy, led by CEO Michael Saylor, has bought thousands of bitcoins as a strategy to protect capital from inflation. Tesla, led by Elon Musk, also bought $1.5 billion worth of Bitcoin in 2021. Shortly after that, it began accepting Bitcoin as a payment method for its products.
Big businesses, such as PayPal, Lamborghini, Porsche and Starbucks have all integrated Bitcoin into their platforms. These acceptations all mark an important step in mainstream adoption for Bitcoin and crypto, as such companies offer their consumers access to a wider range of payment options.
Famous Personalities and Bitcoin
The support of well known personalities has played a big role in popularizing Bitcoin. Elon Musk, one of the most influential figures in technology and finance, has often shared his interest in cryptocurrencies, including Bitcoin. His opinions in posts on X have influenced not only the price of Bitcoin in the past, but also of cryptocurrencies, a great example being Dogecoin.
Former U.S. President Donald Trump has also spoken out about Bitcoin. While having been skeptical in the past, his opinions seem to have shifted positively. In July this year, he even made an appearance at the Bitcoin Conference in Nashville. Speculating on becoming president again next year, he stated the following about Bitcoin and crypto in general: “We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry.”
Read more about possible positive outcomes for Bitcoin if Donald Trump gets back into office in this article.
Conclusion
Bitcoin’s global acceptance continues to grow, driven by countries seeking financial inclusion, companies seeking investment opportunities, and well-known figures that keep the crypto debate going. As the years have gone by, it is becoming clear that Bitcoin is no longer a small phenomenon, but a major player in the worldwide financial system. Will it soon be as big and established an asset as gold is? The coming U.S. elections might give us a spark soon!
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