TBD | Welcome to Bitcoin Beach
What Next | Daily News and Analysis
Slate Podcasts
4.3 • 2.4K Ratings
🗓️ 25 June 2021
⏱️ 20 minutes
🧾️ Download transcript
Summary
For nearly two years, an unprecedented experiment has been taking place in the town of El Zonte in El Salvador. Funded by a mysterious donor, the town’s residents built a Bitcoin economy, using the cryptocurrency to purchase just about anything.
Now, El Slavador has passed a new law making it the first country to adopt Bitcoin as legal tender. Can they replicate El Zonte’s success at a national scale?
Guest: Ezra Fieser, reporter at Bloomberg
Host
Lizzie O’Leary
Hosted on Acast. See acast.com/privacy for more information.
Transcript
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| 0:00.0 | Hey, everyone. Before we get started, I just want to note that today's episode has some language that might not be the best for kids. |
| 0:07.1 | Okay, here's the show. |
| 0:13.2 | Along the Pacific coast of El Salvador, there's a road that winds toward a string of beach towns. |
| 0:18.7 | Part of the highway is kind of new, and then you go through part of the highway that's old |
| 0:22.9 | and in disrepair. |
| 0:24.5 | Bloomberg reporter Ezra Fizer has driven that route, from the capital, San Salvador, out to a small |
| 0:30.5 | surf town called El Sonte. |
| 0:32.9 | Down off the cliffs, you see some of these kind of nice nice posh hotels that are catering to some of the |
| 0:39.1 | foreign surfers, these towns that obviously have had this tourist boom. And then you get into |
| 0:44.9 | El Sonte, and it seems like a real nothing town. It's the kind of place where you see locals |
| 0:51.3 | selling papuas, street dogs lying in the shade, and tanned |
| 0:55.8 | expat surfers heading for the horseshoe-shaped volcanic beach. But there's one key difference |
| 1:01.6 | between El Sonte and the other surf towns. And then all of a sudden you come across these |
| 1:06.3 | giant garbage barrels with the Bitcoin B spray painted on the outside of them. |
| 1:12.1 | And then you start to see in some of the shops, some of those kind of dirt floor restaurants, |
| 1:17.4 | you see little signs hanging over the entrance that says Bitcoin accepted here. |
| 1:22.4 | If you weren't looking for it, it might take you a little while to kind of notice it, |
| 1:26.3 | but then when you start noticing it, it seems like it's everywhere. |
| 1:32.9 | El Sonte is now known to both locals and expats by the nickname Bitcoin Beach. |
| 1:39.1 | For the past two years, the town has been experimenting with cryptocurrency, hoping to create an economy that runs, at least partially, on Bitcoin. |
| 1:48.0 | Now, the Salvadoran government wants to try this nationally. |
| 1:52.1 | Today on the show, what happens when you take one beach town's crypto-utopian fantasy and make it national policy? |
... |
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