El Salvador to Become the First Bitcoin Country

Automatic TRANSCRIPT

What's going on guys. It is monday. June seventh and man. This is the type of episode that is like skipping rocks across the pond. There is so much to dig into that. I feel like. I'm barely going to scratch the surface today but i wanna relatively complete starting point for anyone who wants to understand. This news coming out of el salvador. Now before i get into a big caveat is that my knowledge of el salvador stopped started with the civil war in the. Us has role in it until about three days ago. I'm learning in real time. Just like you guys. And i don't wanna present any hint of overconfidence particularly with regard to domestic politics in el salvador. But with that out of the way. Let's talk about this. Bitcoin twenty twenty one in miami was already dominating the twitter spear before saturday multiple hashtags related to the event. Were trending around the us. The crypto twitter tribes were showing off their tribalism in glorious fashion. The people in miami meanwhile seem to be having just an absolute hell of time. But on saturday morning tweets started coming out from the official event account as well as from influencers that one of the biggest announcements in bitcoin. History was coming later that day. That was a pretty big claim. So of course there was some amount of immediate skepticism. Could whatever the news was meat that lofty bar set by the marketing around four thirty. Pm eastern time strikes. Jack mahler's ascended the stage to make an announcement now for background. Mahler's had recently spent time at el salvador's bitcoin beach project alongside others like square cryptos miles suitor and had already contributed to some interesting initiatives there for anyone paying attention that was clearly some ground up momentum around bitcoin and lightning in el salvador mahler's announcement however would catapult the country into a totally new status in the bitcoin. As you heard at the beginning of this show el salvador's president. Naib kelly was submitting a bill to recognize bitcoin as legal tender. They would be the first country to do so with significant implications and while the bill would still have to be reviewed by the country's legislative assembly bouquets waiver party new ideas had recently won a significant majority in the unicameral body so passage was nearly assured

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