The reality has been more mixed, with plans for a Bitcoin bond offering getting pushed back, and many merchants discovering their newfound wealth could be swiftly erased thanks to the cryptocurrency’s volatility.
Like many business owners in El Salvador, she started accepting payments in Bitcoin after the adoption of the currency as legal tender in September 2021.
“One of the first things I noticed is that it is a volatile asset, with value changing too quickly,” she told us.
“When I saw the price begin to fall in early November, I decided that I would not treat Bitcoin payments as direct capital of the company, but as an investment in the future,” she said.
He also hired a professional to help him manage his crypto assets appropriately.“I have known entrepreneurs who have lost thousands of dollars” by leaning too hard into using Bitcoin, he said.
“From September of last year to date, the Bitcoin payments I receive are between 20% and 25% of all company profits,” he said.
“The rest of the profits, payments in dollars, are what I use to run the company.
While there was a learning curve for many business owners when El Salvador adopted Bitcoin, Bonilla was already prepared.
He has also watched Bitcoin rise from just $600 when he initially invested to now in the tens of thousands of dollars.
“In 2018 it went from the peak of $20,000 to cost $3,000,” he told us.
For Bonilla, the price fluctuations over the past few months are just part of the ride, and business owners should take them into account in how they use their Bitcoin.