One Way Ratchet

El Salvador & Nation-State Adoption of Bitcoin | 044


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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
...more
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