TBD | Will Bitcoin Ruin El Salvador?
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3.9 • 1.1K Ratings
🗓️ 27 May 2022
⏱️ 20 minutes
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Summary
Is El Salvador heading for default after going all in on crypto?
Guest: Anna-Cat Brigida
Host: Lizzie O'Leary
Hosted on Acast. See acast.com/privacy for more information.
Transcript
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| 0:00.0 | How long did you live in El Salvador? |
| 0:06.1 | I started in 2018. I left during part of the pandemic, but was there most of 2018, |
| 0:13.7 | 2019, and then 2020 and 2021 kind of back and forth. |
| 0:20.8 | Anna Kat Bridgeta is a reporter who covers Latin America. |
| 0:24.4 | She lives in Honduras now, but was based in El Salvador |
| 0:27.4 | and has been reporting on the country for years. |
| 0:30.8 | And she was there when El Salvador became the first country |
| 0:34.2 | to make Bitcoin legal tender last year. |
| 0:37.6 | The day that it was announced in June was very much a surprise. |
| 0:44.0 | That is why. Next week, I will send to Congress a bill that will make Bitcoin a legal tender |
| 0:48.4 | in El Salvador. |
| 0:49.6 | The country's president, Neib Bekele, announced his plan on June 7th via video to a conference of Bitcoin fans. |
| 0:56.9 | And then from there, everything just went at full speed because the legislative assembly |
| 1:04.1 | basically approved everything within a few days. And then they said, you know, within 90 days, |
| 1:10.4 | we're going to make this happen. |
| 1:12.6 | In those 90 days, El Salvador had to build its own Bitcoin wallet, install Bitcoin ATMs, |
| 1:18.1 | and sell the country's population on the idea of Bitcoin, an idea that had been brought |
| 1:24.1 | there by expat crypto enthusiasts and embraced by President Buckele, |
| 1:28.8 | all by September 7th, 2021. |
| 1:32.1 | And so the exact day, I mean, there was a lot of buildup to the day of being like, |
| 1:37.3 | this is the day when everything is supposed to be working. |
| 1:40.7 | But it was very clear that it was not already by that day. |
... |
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