Like the majority of other Nigerian youths due to obvious reasons, I’ve also been looking at relocating out of Nigeria. I’ve been considering moving to somewhere crypto friendly, with basic amenities and economy better than the one I’m currently experiencing in Nigeria, I’ve been looking at Canada, Germany, Malta.....
........but today, I’m adding another country to my list of options, El Salvador, as the news came out today that profits made from increase in price of Bitcoin will be exempted from being taxed.This is huge! While other parts of America are cracking down on Bitcoin and other cryptos with outrageous tax bills, here is a country doing just the opposite all in effort to attract foreign crypto investors and foreign crypto investors they will get.
If a person has assets in #Bitcoin and makes high profits, there will be no tax. This (is done) obviously to encourage foreign investment.”
I’ve been a huge fan of El Salvador since the legalization of Bitcoin as legal tender, while the economy isn’t exactly great, with these types of moves, it’s only a matter of time before the economy begins to boom, we all know this. What if El Salvador begins to even offer more than that, what if El Salvador begins to grant asylum to bitcoiners facing harsh crypto policies in their countries. I won’t be surprised and it will certainly work. If El Salvador wants me they will have me.
I’ve once written about how El Salvador can gradually turn the country to a major center of tourist attraction where people could spend crypto and use the proceeds to develop its infrastructure enough to earn sustainable revenue from tourism alone. El Salvador becoming a totally crypto friendly country will transform its economy, it’s only a matter of time.
In other news.
Microstrategy purchases additional 5,050 Bitcoins at an average price of $48,000 each making their holdings worth $3.16billion. This is nothing but a show of a global pace setter and the world doesn’t just know it yet, it is amazing to realize that Microstrategy didn’t even own any Bitcoin 400 days ago, and today hold close to 114,000 Bitcoins worth over $3billion.
According to Eric Weis, Microstrategy has bought roughly 1 Bitcoin every 5 minutes for 400 days. This fact gives me the chills, if it doesn’t send some chills down your spine I don’t know what else will! The interesting thing about this is that other publicly traded companies have been following suit albeit silently.
According to the data generated by WillyWoo(a popular Bitcoin analyst) Bitcoin purchases from publicly traded companies are on the rise, could there be something they know that other don’t?
According to the stats above, Greyscale holds the most Bitcoin due to the fact that it is an hedgefund for other companies, Microstrategy is the leading single company in the amount of Bitcoins held. Interesting how Microstrategy loads up on Bitcoin when there is the most amount of fear in the markets, this one company that follows the “be greedy when others are fearful” ethos, such a strategy. If things pan out as expected, Microstrategy is positioned to become the biggest company in the world and Michael Saylor will become the richest man in the world in few years to come.
Today the likes of Apple, Microsoft, Amazon are the worlds leading companies, let’s give this a few more years to see how Microstrategy will topple that list to become the top.
One simply doesn’t bet against Bitcoin.
Thanks for reading.