El Salvador to Become the First Bitcoin Country: Just How Big a Deal Is This?

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 8 June 2021

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

On Saturday, the Bitcoin 2021 organizers teased that one of the biggest announcements in bitcoin’s history was coming. That announcement ended up being from El Salvador President Nayib Bukele, who shared that he was advancing a bill to make bitcoin legal tender in the country. Since then there has been a huge amount of debate and discussion about the implications and the significance of the move. In this episode, NLW breaks down the story from multiple angles. -- Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is produced and distributed by CoinDesk.com

Transcript

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0:00.0	My name is Ajid Bukele and I'm President of El Salvador.
0:04.0	Great ideas are beautiful and have great power.
0:07.0	But like most beautiful things, they can also be more fragile than we think.
0:11.0	When I was a kid, we thought about the future and we were delighted by its possibilities.
0:16.0	We couldn't wait for it to happen and be part of its creation.
0:19.0	But now, ask almost anyone what they think about
0:22.1	the future and they will say something along the lines of nuclear war, climate catastrophe, hunger,
0:27.1	pestilence, the death of life. We didn't take care of the beautiful idea that we create
0:31.9	our own future, that we as humanity can do almost anything that we imagine. Our ingenuity, what separates us from other species.
0:41.3	In El Salvador, we are trying to rescue this idea and start the design of a country for the future,
0:46.3	using the best ingredients that makes us who we are, while using sensibility to find the best examples of ideas
0:52.3	from history and around the world.
0:57.0	I believe Bitcoin could be one of these ideas.
1:02.8	That is why next week, I will send to Congress a bill that will make Bitcoin a legal tender in El Salvador.
1:07.9	Welcome back to The Breakdown with me, NLW.
1:12.7	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. The breakdown is sponsored by nexus.io and produced and distributed by
1:19.8	CoinDess. What's going on, guys? It is Monday, June 7th, and man, this is the type of episode
1:27.1	that is like skipping rocks
1:28.4	across a pond.
1:29.4	There is so much to dig into that I feel like I'm barely going to scratch the surface
1:33.5	today, but I want a relatively complete starting point for anyone who wants to understand
1:38.2	this news coming out of El Salvador.
	...

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