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The Peter McCormack Show

Bitcoin in El Salvador - Part 2 with Nayib Bukele - WBD505

The Peter McCormack Show

Peter McCormack

Power, Politics, Government, Markets, News, Society & Culture, Technology, Society, Inflation, Finance, Bitcoin, Economics, Money

4.72.8K Ratings

🗓️ 25 May 2022

⏱️ 82 minutes

🧾️ Download transcript

Summary

The full interview with President Nayib Bukele, undertaken days after the Bitcoin Law became effective on September 7th 2021, sections of which were included in my film "Follow The Money #1 - Bitcoin in El Salvador". In this interview, we discuss motivation, opposition and legacy.

- - - -

A few days following Bitcoin being given legal status, I was granted an exclusive access interview with President Bukele for the purposes of my film "Follow The Money #1 - Bitcoin in El Salvador". Following the release of the film, it is time to publish the full interview.

It has been over 8 months since El Salvador became the first country in the world to make Bitcoin legal tender. A lot has been written about El Salvador's Bitcoin Law, and a lot has happened since. But what was it like to be at the centre of this unprecedented event? An event that could change not just El Salvador's future, but also Bitcoin's and the rest of the world.

The discussion covers President Bukele's enthusiasm for what Bitcoin can do for his country and his people; the incredible timescale within which the law was passed (it was a mere 3 months from being enacted to becoming law); the strategy behind the country's purchases of Bitcoin; internal and external opposition; and the plan behind the articles of the Bitcoin Law.

As background noise to all these changes is vocal concerns about authoritarian actions Bukele is taking; he has removed judges, influenced a change in the constitution to enable a potential second term, had troops enter parliament, and implemented stern policies aimed at reducing gang violence. The term "dictator" is banded around.

Nevertheless, he is an extremely popular president: he has an approval rating of 85%. Many citizens, sick of the years of violence and corruption, are pleased to finally see a decisive Salvadoran President. Could he become a beacon for the wider region? Could he be the leader of the Bitcoin age?


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Transcript

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0:00.0

I don't think it's going to work I'm sure it's going to because the fundamentals are there

0:07.5

I mean we have some bumps in the road like everything but the fundamentals are the same and it's going to work because the philosophy

0:17.5

but it's right so it's just give it time it's going to work for a

0:21.8

saber it's going to work for big point it's going to work for a cyber. It's going to work for the world.

0:24.0

Hello there, how are you doing?

0:26.0

Welcome to the What Bitcoin did podcast, which is brought to you by Gemini, the only place I am using for buying Bitcoin.

0:32.0

I'm your host, Pete Pete McCormack and before we get

0:34.7

into the interview today I have a quick message from my show sponsors. This show is brought to you

0:40.1

by Ledger, the whilst most popular hardware wallet. Now listen in

0:44.0

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0:47.9

Bitcoin holder it is your money and it's time for you to own it. And if you're

0:52.0

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0:54.8

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1:00.1

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1:05.0

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1:09.0

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