One Way Ratchet

El Salvador & Nation-State Adoption of Bitcoin | 044

Episode Summary

A look into the first country to embrace Bitcoin

Episode Notes

I this episode, Dan and Trent take this pod international and break down the exciting developments in El Salvador. 

• El Salvador is first country to fully embrace Bitcoin
  • Made Bitcoin legal tender
  • Accumulating Bitcoin for its national treasury 
  • Mining Bitcoin with 100% renewable abundant geothermal energy from its volcano 
  • Issuing bonds backed by its Bitcoin mining operations to fun development projects 
• Less than 3 years and its already a massive success
  • Already $100m in profit on Bitcoin
  • Economy is flourishing
  • Bitcoin businesses and tourism are flocking to El Salvador
  • Crime down dramatically
• El Salvador is boot-strapping its own wealth and prosperity.  Self-sovereignty and independence.  Weening itself off of an endless cycle of extractive IMF loans
  • El Salvador is doing on a national level what Michael Saylor is doing on a company-level
• Showing the world what happens when a country fully embraces Bitcoin
  • Other countries are taking notice
  • El Salvador is the first, but more and more countries will follow the playbook
• In the end, every rational actor (person, company, country) will accumulate Bitcoin
• Song of the day: Lawyers, Guns & Money by Warren Zevon