Aleks Svetski on Bitcoin as Sovereign Money

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Our guys bang bang got ox here with what's going on man. What's up man. How are you No voice left sudden hung into this Were talking shortly after a pretty big news of el salvador about a four day period went from Announcing that they were going to create. Bitcoin is legal tender with nice within el salvador or accepted as legal tender Then they basically put forward a bill. They voted on it. They passed it. It's now legal tender. The president jumps on twitter spaces. He's time all kinds of answering questions. Like super candid Seemed like a pretty open book at some point. Mining comes up. He's like oh well. We've volcano a volcanic energy. That is one hundred percent renewable hundred percent clean zero emission And basically free. Maybe we could use that for mining twenty four hours later. he's literally already drilled. The well in mike seems like he's up to the races. What the hell is going on. Now this is. I mean el salvador. Bitcoin it's like the this space moves so fast it's like two weeks ago. The pope was like we can't use bitcoin two weeks later. We've got a country putting some bitcoin. Like talk me through like from what i understood. It's they're going to so they've made it legal tender people who don't want to hold bitcoin. They can actually sell it back to the government. So the governor's gonna hold bitcoin and give them fiat. Is that right so In all salvador and again this is a over generalization. But there's basically two banks that you're going to hear about your here about the central bank right or or kind of the the state balance sheet the reserves because they technically don't have they don't have their own currency so there's a reserve assets of the government. There's this development bank that is owned by the

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