Why El Salvador made bitcoin a national currency

Recode Daily

Recode

Society & Culture, Science, Technology

4.6 • 1.3K Ratings

🗓️ 10 September 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

El Salvador recently became the first and only country to recognize bitcoin as an official currency. It’s a high-risk, high-reward experiment for the and the world is watching. The Wall Street Journal’s Caitlin Ostroff explains. Read Caitlin’s work here. Enjoyed this episode? Rate Recode Daily ⭐⭐⭐⭐⭐ and leave a review on Apple Podcasts. What do you want to learn about on Recode Daily? Send your requests and questions to recodedaily@recode.net. We read every email! Subscribe for free. Be the first to hear the next episode of Recode Daily by subscribing in your favorite podcast app. Learn more about your ad choices. Visit megaphone.fm/adchoices This episode was made by: Host: Producer: Engineer: Support Recode Daily by making a financial contribution to Vox! bit.ly/givepodcasts Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	This episode is brought to you by Kraken.
0:03.0	Crypto is like finance, but different.
0:06.0	It doesn't care when you invest, trade or save.
0:09.0	Do it on weekends or at 5 a.m.
0:12.0	Or on Christmas Day at 5 a.m.
0:14.0	Crypto is finance for everyone, everywhere, all the time.
0:19.0	Visit Kraken.com slash see what crypto can be to learn more.
0:23.0	Don't invest unless you're prepared to lose all the money you invest.
0:26.0	This is a high risk investment and you should not expect to be protected if something goes wrong.
0:30.0	If you live in El Salvador, you can now pay for anything with Bitcoin.
0:42.0	A burger, your car, your rent, your taxes, truly anything.
0:48.0	That's because as of this week, Bitcoin is legal tender in El Salvador.
0:53.0	Now because Bitcoin is so volatile, this is a highly risky experiment
0:57.0	that no country in the world has tried before.
1:00.0	And what happens next could change how other world governments,
1:03.0	including the United States, treat cryptocurrency.
1:11.0	Caitlyn Austro from the Wall Street Journal is here to help us make sense of it all.
1:15.0	Hey Caitlyn.
1:16.0	Hey Adam.
1:17.0	Take us back to where this started.
1:18.0	Why did El Salvador want to get into Bitcoin in the first place?
1:22.0	Part of this idea of could Bitcoin be used as a currency in El Salvador?
	...

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