It’s Bitcoin Day in El Salvador

The Breakdown

Nathaniel Whittemore

Investing, Business

4.8 • 786 Ratings

🗓️ 8 September 2021

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

El Salvador’s bitcoin legal-tender law goes into effect today. NLW looks at the recent controversy surrounding the law, including: Institutional controversy – why the International Monetary Fund (IMF) and World Bank don’t like the law Bitcoiner skepticism – why some aren’t convinced the law should force merchants to accept BTC Authoritarian blues – why some are concerned with the Bukele government itself June 12th/Bitcoin Beach Breakdown episode: https://www.coindesk.com/podcasts/the-breakdown-with-nlw/bitcoin-is-economic-empowerment/ Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:16.2	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:22.7	What's going on, guys? It is Tuesday, September 7th, and that means it's my birthday.
0:28.4	But it also means it's Bitcoin Day in El Salvador.
0:32.2	My birthdays have always felt more like New Year's than New Year's to me.
0:36.1	Part of that has to do with so many years of
0:38.0	school beginning at the exact same time, and when you're a kid, you mark your age by your
0:42.9	grade in school as much, if not more than by your actual age. Part of it is that I just
0:47.7	absolutely love fall. Either way, I find it's a really good time to reflect on where things are,
0:52.8	where they've been, and where we'd like to see them go.
0:55.1	So for giggles before we dive into our main topic, I wanted to look back at the last
0:58.7	couple years of shows to see what was happening around now.
1:01.9	Way back in 2019, I hadn't officially started the breakdown yet.
1:05.8	I was doing a proto version of it, a live stream version called the Crypto Daily 3 at 3, where I would basically
1:11.7	do the brief, but live via Periscope and YouTube and Twitch. The main topic of my birthday in 2019
1:17.6	was Libra versus China, the global digital money wars heat up. Libra had been announced that
1:22.7	summer and China had kicked into high gear trying to get their digital yuan efforts accelerated.
1:27.9	Last year, my birthday actually fell on Labor Day itself, so I did a reading of a Nick Carter
1:32.5	piece called the Crypto Dollar Surge and the American Opportunity. In it, Nick discussed
1:36.9	many of the themes that we regularly come back to here around the continued growth of
1:40.9	USD-denominated stable coins and what it might look like for the U.S.
	...

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