Bitcoin is legal in this country. But here’s what happened

I'M ABOUT TO PAY FOR THIS IN BITCOIN AT A 
MCDONALD'S. BITCOIN. A BITCOIN, I DON'T KNOW WHAT   SHE SAID. I'VE JUST ARRIVED TO THE FIRST COUNTRY 
ON EARTH ACCEPTING BITCOIN. THIS HAIRDRESSER ALSO   ACCEPTS BITCOIN. THIS IS A PHOTOGRAPHY STUDIO AND 
HE IS THE OWNER AND HE'S VERY PROUDLY ACCEPTING   BITCOIN. BUT IT'S NOT JUST BEING USED TO PAY. 
I TRIED TO THE HALF OF MY SALARY INTO THAT.   I'VE COME TO EL SALVADOR JUST MONTHS AFTER IT 
BECAME NOT ONLY LEGAL BUT ENCOURAGED TOO.

THIS IS   ABSOLUTELY THE MOST IMPORTANT PLACE IN THE WORLD 
RIGHT NOW. 30% OF MY CLIENTS ARE BITCOINERS NOW.   ITS 41 YEAR OLD PRESIDENT HAS BECOME A 
CELEBRITY AMONGST BITCOIN ENTHUSIASTS,   EVEN CLAIMING HE BUYS BITCOIN NAKED FROM HIS 
PHONE. HE'S FLIRTING WITH CHINA AND HE'S FLIRTING   WITH THE US AND HE'S FLIRTING WITH THE BITCOINERS. 
IT'S GREAT THAT THE PRESIDENT LOVES TO MAKE MEMES   AND STUFF BUT MEMES IS NOT EDUCATION. BUT SOME 
OF THIS EXCITEMENT JUST ISN'T FULLY ADDING UP.   THERE WAS A HUGE UH SCANDAL HERE IN EL SALVADOR. 
THEY KNOW EVERYTHING, THEY KNOW WHERE YOU ARE.   PEOPLE'S SAVINGS HAVE BEEN CUT IN HALF IN 
A MATTER OF WEEKS. A WOMAN JUST CAME OUT OF   THE BITCOIN ATM. I ASKED HER WHAT SHE WAS DOING, 
SHE SAID SHE HEARD THAT BITCOIN WAS GOING DOWN-   THAT THE PRICE OF BITCOIN IS GOING- DOWN SO SHE 
WAS TRYING TO SELL SOME BITCOIN INTO DOLLARS.   OUR GOVERNMENT IS BUYING BITCOIN WHICH IS 
GREAT. YEAH.

BUT THERE'S PEOPLE DYING IN   THE HOSPITALS BECAUSE THEY DON'T HAVE ALL THE 
EQUIPMENT. I'M HERE TO FIND OUT IF BITCOIN CAN   REALLY BE USED FOR OUR DAY-TO-DAY PAYMENTS. 
BECAUSE IT'S THE FIRST COUNTRY TO ADOPT BITCOIN,   IT'S GOING TO SET A LOT OF PRECEDENCE. AND TO 
SEE IF WHAT'S HAPPENING HERE IS GOING TO BE   THE BEGINNING OF THE END OF GOVERNMENT-BACKED 
CURRENCIES. THE U.S DOLLAR IS GOING TO GO DOWN   IF YOU UNDERSTAND HOW MONEY WORKS. OR IS THIS 
JUST A MASSIVE PUBLICITY STUNT BY ITS ECCENTRIC   PRESIDENT. IS THIS THE COUNTRY OF ILLEGAL TENDER 
ACT LIKE IT. SEEING IT IT'S KIND OF LIKE THE DUBAI   25 YEARS AGO.

DIDN'T SEE A BIG BILLIONAIRE? 
CAN WE ASK YOU A QUESTION ABOUT THE IMF? BITCOIN THEY CREATED A DOZEN YEARS 
AGO AS AN ALTERNATIVE TO CASH-   I COULD CARE LESS ABOUT BITCOIN, I DON'T 
KNOW WHY- IS EXPLODING IN VALUE- CRAZIEST   BEST INVESTMENT IN MY LIFE- EL SALVADOR COULD 
BECOME THE FIRST COUNTRY IN THE WORLD TO MAKE   BITCOIN LEGAL- FOR BITCOIN FACES ITS BIGGEST 
TEST YET- THE DIGITAL WALLET SYSTEM HAD TO BE   TAKEN OFFLINE FOR SEVERAL HOURS- MORE THAN A 
THOUSAND PEOPLE MARCHED IN THE CAPITAL OF SAN   SALVADOR TO PROTEST THE ADOPTION OF- AND 
TWO OTHER COUNTRIES WILL APPROVE BITCOIN   AS A LEGAL TENDER- I THINK THAT IT HAS THE 
POTENTIAL TO CREATE THE GLOBAL NEXT WAR.

SO I SCAN THE QR CODE AND THEN I'M GOING TO 
ROUND UP TO 18 AND THEN I HIT PAY SO CAN YOU   CHECK? HE DOESN'T WANT TO CHECK? NO. I'VE COME TO 
THE ONLY PLACE IN THE WORLD WHERE MOST BUSINESSES   ARE ACCEPTING BITCOIN. IT'S COME TO BE KNOWN AS 
BITCOIN BEACH. OH THIS IS JUST A BITCOIN WATCH   THIS IS I PAID ABOUT 21 000 FOR THIS BECAUSE 
THERE'S 21 MILLION BITCOINS TO SIGNIFY THAT   THE BITCOIN IN THERE IS WHAT 100 TIMES MORE, 
RIGHT? THERE'S BITCOIN HERE WITH MILLIONS SO   THAT GIVES THE WATCH VALUES THE BITCOIN INSIDE 
IT. IT'S HERE WHERE I MEET EVAN LUTHRA: A CRYPTO   INFLUENCER WITH MILLIONS OF FOLLOWERS. AND 
SINCE THE LAST FEW YEARS MY MISSION HAS BEEN TO   BASICALLY PROMOTE AND GROW BITCOIN IN THE MOVEMENT 
AROUND CRYPTOCURRENCIES. HE'S MADE MILLIONS SOFT   CRYPTO BUT HE'S NOT REALLY INTO DOLLARS ANYWAY. 
THERE'S NOT A FIAT CURRENCY THAT'S EVER SURVIVED.   A FIAT CURRENCY IS BASICALLY MONEY THAT'S BEEN 
ISSUED BY A GOVERNMENT.

AT THIS BEACH TOWN I FIND   SOME OF THE NICEST HOTELS EL SALVADOR HAS EVER 
SEEN- AN ORGANIZATION CALLED HOPE HOUSE DEDICATED   TO EDUCATING PEOPLE ON BITCOIN AND I EVEN MEET 
THIS SECURITY GUARD. SO YOU RECEIVED A $250 TIP IN   BITCOIN. YEAH. IT'S A SHOCKING TIP ESPECIALLY IN 
A COUNTRY WHERE MINIMUM MONTHLY INCOME IS AROUND   350 DOLLARS PER MONTH. BUT WHILE I'M HERE THERE'S 
ONE MORE PERSON I'M HOPING TO MEET. MAX KAISER   GUYS HE JUST WANTED TO HAVE THIS FACE OF BEING 
AN AMBASSADOR. SOME PEOPLE THEY DON'T REALLY   LIKE HIM BECAUSE IT'S PROBABLY TOO MUCH.. HERE'S 
A TEN DOLLAR BILL THIS IS GARBAGE THIS IS GARBAGE,   RIGHT? THAT'S GOING TO ZERO. HE'S A LIBERTARIAN, 
HE'S AN AMERICAN GUY. BIG IN THE SPACE AND NOW   HE'S BEEN LIVING HERE FOR THE LAST MONTH OR SO. 
DESPITE ALL THE HYPE AND EXCITEMENT AROUND BITCOIN   HERE, THE IMF IS URGING EL SALVADOR TO STOP THIS 
BITCOIN EXPERIMENT, AND MAX SEEMS LIKE HE COULD   CARE LESS.

CAN WE ASK YOU A QUESTION ABOUT THE 
IMF? IT'S A GAME OVER FROM THE IMF. BY THE WAY   I'M MAKING A LOT MORE VIDEOS LIKE THIS ONE ABOUT 
TECH, MONEY AND DIFFERENT CULTURES. SO IF YOU'RE   ENJOYING THIS VIDEO HIT THE SUBSCRIBE BUTTON SO 
YOU DON'T MISS THE NEXT ONE. IT'S GAME OVER FROM   THE IMF POURING ONE OUT FOR THE IMF LIKE I DON'T 
THINK ANYONE'S GONNA MISS THEM THAT SCARES THE IMF   THE IMF IS IN THE BUSINESS OF EXTENDING LOANS AND 
WHEN THEY DON'T GET REPAID THEY EXTRACT WEALTH,   SO THE BUSINESS MODEL THE IMF IS OF THE DODO OR 
BLOCKBUSTER ENTERTAINMENT.

BUT ASIDE FROM THE   BIG VOICES IN CRYPTO, HOW IS BITCOIN IMPACTING 
LIFE FOR CITIZENS HERE? I HAVE SEEN AN INCREASE   OF CLIENTS THANKS TO BITCOIN. SALVA IS A SURF 
INSTRUCTOR WHO'S SEEN A LOT OF CURIOSITY OF   BITCOIN AND NOW ONE IN THREE OF HIS CLIENTS ARE 
PAYING IN BITCOIN. I PAY ALL MY BILLS WHATEVER I   HAVE TO PAY LIKE I PAID, AND MY SAVINGS ARE 
THERE, LIKE MONEY THAT I DON'T REALLY NEED,   I PUT IT THERE AND I FORGET ABOUT IT, I HOLD 
IT. ON ONE HAND EL SALVADOR DOESN'T MAKE SENSE   TO ADOPT BITCOIN, FOR OVER 20 YEARS THEY 
DITCH THEIR OWN CURRENCY FOR THE US DOLLAR,   A RELATIVELY STABLE AND SAFE CURRENCY.

BUT ON 
THE OTHER HAND MAYBE IT MAKES PERFECT SENSE:   EIGHTY PERCENT OF ITS POPULATION DOESN'T EVEN HAVE 
A BANK ACCOUNT AND THIS COULD BE AN EASY WAY TO   GET YOUR POPULATION TRANSACTING DIGITALLY. BUT I'M 
MOST CURIOUS: HOW DOES THIS ACTUALLY WORK? I'VE   COME TO AN ATM MACHINE YOU'VE GOT YOUR TRADITIONAL 
VENDING MACHINES BEHIND ME BUT THIS ONE   IS TO BUY AND SELL BITCOIN AND LITECOIN. SO I'M 
GOING TO BE BUYING BITCOIN AT 40 000 RIGHT NOW,   THAT'S THE PRICE. IF IT SELLS TO ME IT WILL SELL 
AT 35 000 AND THE ACTUAL PRICE ON THE EXCHANGE IN   THIS MOMENT IS ABOUT 37 000.

WHAT I'M TRYING TO 
DO HERE IS TAKE THIS $100 TO BUY SOME BITCOIN.   CONFIRMATION. THERE'S MY POINT ZERO ZERO 
TWO FOUR BITCOIN, THERE IT IS HOW COOL! WHAT SORRY- EVERYTHING IS PRICED 
IN DOLLARS THROUGHOUT EL SALVADOR   BUT OVER HERE YOU'VE GOT YOUR 
BITCOIN LOGO. 755 OFF IF I USE   BITCOIN BECAUSE OF THE WALLET CALLED 
STRIKE. ALL RIGHT I'M READY TO PAY. IT HASN'T GONE THROUGH YET. IT'S BEEN ABOUT A 
MINUTE SINCE I ATTEMPTED TO PAY ON BITCOIN AND   WE'RE BOTH STILL WAITING. YEAH, UNFORTUNATELY IT'S 
BEEN ABOUT OVER FIVE MINUTES AND IT'S NOT WORKING.   ABOUT 30 MINUTES LATER I STILL 
DON'T HAVE MONEY THAT TRANSFERRED   TO MY WALLET SO THAT I COULD PAY IN BITCOIN, SO 
MY FRIEND LORENZO HERE HAS AGREED TO PAY FOR MY   ICED COFFEE.

DONE? WOW THAT WAS LIKE NO SECOND. 
ONE DAY LATER, I FEEL A LOT MORE CONFIDENT PAYING   WITH BITCOIN, IT'S ACTUALLY BECOME VERY EASY 
ONCE THAT INITIAL SETUP HAS BEEN ESTABLISHED,   I JUST HIT PAY I CONFIRMED THAT I WANT TO PAY 69 
CENTS AND THEN IT SAYS: DONE! SHE GOT THE PAYMENT,   I MADE THE PAYMENT AND I JUST PAID ON BITCOIN. 
IT DOES FEEL PRETTY COOL WHEN IT ACTUALLY WORKS.   IT'S ACTUALLY SUPER EASY IT'S JUST LIKE INSTANT 
I OPEN THE CAMERA I SCAN THE QR CODE AND I PAY. IT'S EVERYWHERE BITCOIN MCDONALD'S! SO NO SIGN OF 
BITCOIN ANYWHERE BUT LET'S SEE IF THEY'LL ACCEPT   IT. LET ME GET MY WALLET READY. HOW DO I HAVE SO 
MUCH BITCOIN? DID IT GO UP? WOW! THAT'S CRAZY.   SO JUST YESTERDAY I I HAD $90 OF BITCOIN I 
SPENT ABOUT $20 BUT THEN I LOOKED AND I SAW   I HAD $103.

AND IT'S INTERESTING THIS MONEY KEEPS 
GOING UP EVERY DAY I'M IN EL SALVADOR THIS MONEY   IN MY WALLET I'M NOT DOING ANYTHING BUT IT'S 
GOING UP, THE MONEY IN MY WALLET. I GUESS THAT'S A   COOL SIDE OF USING BITCOIN, IT DOESN'T ALWAYS 
HAPPEN BUT THAT REALLY TOOK ME BY SURPRISE TO PAY FOR THE BIG MAC I GOT THE OPTION 
BETWEEN CASH CREDIT CARD OR BITCOIN BITCOIN UH.. BITCOIN! I DON'T KNOW WHAT SHE SAID..

SO HERE 
AT STARBUCKS I SAID BITCOIN AND SHE NODDED BUT   THERE'S A LITTLE BIT OF A PROCESS, SHE JUST 
GRABBED THE MOBILE DEVICE. I SAID BITCOIN AND   SHE HAD TO GO GET A MANAGER. THE ANSWER IS 
NOT NO BUT SHE HAD TO GO ASK A MANAGER AND   NOW SHE'S COMING BACK WITH A THAT'S $5.70 FOR A 
BIG MAC MEAL, WHICH IS THE EQUIVALENT 2.00015391 BITCOIN NOW SHE'S COMING BACK WITH A PORTAL PRESUMABLY SO 
I COULD PAY I JUST PAID FOR A BIG MAC WITH BITCOIN JUST LIKE THAT FIRST MCDONALD'S TO ACCEPT BITCOIN 
FOR YOUR FOOD. SO THEY WOULDN'T ACCEPT BITCOIN,   THEY SAID 'YOU HAVE TO HAVE CHIVO, YOU HAVE TO 
HAVE CHIVO' EVEN THOUGH OTHER PEOPLE HAVE PAID   WITH BITCOIN AT WALMART USING OTHER WALLETS.

SHE 
SAID THERE'S MAINTENANCE WORK BEING DONE SO I   CAN WAIT 20 MINUTES TO PAY BY BITCOIN, OBVIOUSLY 
I'M NOT GOING TO DO THAT SO I'LL PAY WITH CREDIT   CARD. GRACIAS. MCDONALD'S PAYMENT: 565 WORTH 
OF BITCOIN. SO EVEN THOUGH YOU PAY IN BITCOIN   IT STILL COMES AS USD, IT STILL SHOWS AS USD. SHE 
SAID THAT A CUSTOMER TRIED TO PAY WITH ANOTHER   WALLET AND THEY NEVER GOT THE MONEY THAT'S WHY 
SHE WAS SO HESITANT TO EVEN LET ME TRY TO PAY   FOR THE ITEMS WITH MY WALLET. SO NOT ONLY 
DID THEY NOT WANT TO EVEN LET ME TRY BUT THEY   SEEM LIKE THEY DON'T TRUST IT SEEMS LIKE THEY'RE 
AFRAID OF IT. OUT OF WALMART STARBUCKS AND   MCDONALD'S THE ONLY ONE THAT HAS SEAMLESSLY 
IMPLEMENTED BITCOIN WOULD BE MCDONALD'S.   IT WAS A REALLY WEIRD FEELING TO LOOK IN MY WALLET 
AND SEE MORE MONEY THAN I EXPECTED, AND SO WHEN I   CAME TO BUY THIS IT ALMOST FELT LIKE IT WAS FREE, 
AND NOW I'M STARTING TO UNDERSTAND HOW PAYING WITH   BITCOIN CAN FEEL REALLY GOOD BUT ALSO BE REALLY 
REALLY SCARY TOO.

OF COURSE I THINK IT'S GONNA   HELP THE ECONOMY. IT'S PLANNED AS THE SINGAPORE 
OF BITCOIN HERE IN EL SALVADOR. THAT'S RICKY: HE'S   AN ITALIAN PODCASTER WHO CAME HERE TO SPEND TWO 
MONTHS USING JUST BITCOIN. THAT MEANS NO DOLLARS.   IN 2001 THIS COUNTRY SWITCHED TO THE US DOLLAR 
AS ITS OFFICIAL CURRENCY. THE GOVERNMENT DID THIS   PROMISING A BETTER ECONOMY, BUT IN THE PROCESS IT 
LOST ITS ABILITY TO HAVE ITS OWN MONETARY POLICY,   BECOMING RELIANT ON THE US. UP UNTIL THREE 
YEARS AGO THIS WAS A VERY DANGEROUS COUNTRY,   THEY HAD PROBLEMS WITH THE GANGS. BUT THEN A 
NEW PRESIDENT CAME: NAIB BUKELE. HE WAS JUST   39 WHEN HE TOOK OFFICE PROMISING TO OVERHAUL THE 
SYSTEM, AND BITCOIN BECAME THE WAY TO DO IT. THIS   GUY MADE THIS COUNTRY KNOWN FOR THE FIRST TIME. 
HE'S LIKE TRYING TO CHANGE THE COUNTRY.

HE SPEAKS   CONSTANTLY IN ENGLISH ABOUT IT, HE IS TALKING TO 
US: TO ENTREPRENEURS, TO INVESTMENT FUNDS. HE IS   MAKING PRO ECONOMIC AND POLITICAL PROPAGANDA 
TO ATTRACT MONEY FROM THE REST OF THE WORLD   TO EL SALVADOR. AND IT'S WORKING. IT'S BROUGHT 
ENTHUSIASTS LIKE LORENZO, AUTHOR OF 'HEY MOM,   I BOUGHT BITCOIN' I JUST THOUGHT I WANNA 
SEE WITH MY EYES WANT TO PAY WITH BITCOIN   JUST SEE OUR COUNTRY CAN REALLY MAKE BITCOIN 
LEGAL TENDER. THIS IS A CASH BASED SOCIETY.   NOBODY HERE HAS A CREDIT CARD, NOBODY HERE HAS 
A BANK ACCOUNT. EVERYONE HERE HAS A CELL PHONE   THOUGH, EVERYONE HERE HAS INTERNET. 
SO NOW THEY CAN HAVE A BANK ACCOUNT   IN THEIR POCKET, IN THEIR SMARTPHONE.

BUT MOST 
SALVADORIANS WHO GET PAID IN BITCOIN IMMEDIATELY   CONVERT IT TO US DOLLARS. THEY LIVE DAY TO DAY, SO 
THEY DON'T HAVE 50 BUCKS AT THE END OF THE MONTH   TO SAVE IN BITCOIN. THEY DON'T HAVE A CURRENCY 
AND IF THEY DO IT'S DOLLAR WHERE THEY HAVE NO   CONTROL OVER. BITCOIN IS PERFECT FOR ITS LIMITED 
SUPPLY. PEOPLE HERE THEY PROBABLY DON'T KNOW WHAT   IS SAVING BITCOIN WHAT CAN PROVIDE HERE IS ALSO 
FINANCIAL EDUCATION. AND BUKELE IS LEADING BY   EXAMPLE. THE COUNTRY HAS SPENT AROUND 85 MILLION 
DOLLARS ON BITCOIN SINCE IT BECAME LEGAL HERE.   ACCORDING TO THE NEW YORK TIMES: EL SALVADOR 
HAS PAID AN AVERAGE OF FORTY SEVEN THOUSAND FIVE   HUNDRED DOLLARS PER BITCOIN. TODAY TWO PERCENT 
OF ITS RESERVES ARE IN BITCOIN, BUT TRADITIONAL   INSTITUTIONS FROM MOODY'S TO THE IMF ARE SLAMMING 
EL SALVADOR. AND YET THIS IS GIVING HOPE TO MANY   OF ITS YOUNG PEOPLE. I HAD TO GO THROUGH SPAIN, 
THE IMMIGRATION OFFICER WAS LIKE OH BITCOIN ALSO   HAVE A TOUR BECAUSE IN THE PAST THEY WOULD BE LIKE 
OH GAMES WE ARE FREE BECAUSE WE BITCOIN YOU DON'T   NEED TO TO TO BE IN A BANK YOU CAN STRIKE LIKE 
SAVING MONEY IT'S REALLY HARD TO GO MORE THAN FIVE   MINUTES HERE IN SAN SALVADOR THE CAPITAL OF THE 
COUNTRY WITHOUT SEEING SOME REFERENCE TO BITCOIN   OR CRYPTO OR IN THIS CASE TREZOR WHICH IS A 
HARDWARE WALLET WHERE YOU CAN USE TO STORE CRYPTO   RIGHT NOW I'M HEADED TO A CRYPTO MEETUP.

IT'S 
BASICALLY AN EVENT FOR PEOPLE TO COME TOGETHER   TALK EVERYTHING CRYPTO. SO I THINK WE'RE AT A 
CROSSROADS HERE, AND WHAT HAPPENS IN EL SALVADOR   WILL HAVE A LOT TO SAY WHICH PATH WE TAKE. THAT'S 
JOHN: HE'S AN AMERICAN WHO MOVED HERE TO START AN   ORGANIZATION THAT EDUCATES PEOPLE ON HOW TO USE 
BITCOIN. EVERYONE WHO COMES TO THIS EVENT GETS   FIVE DOLLARS IN BITCOIN TO GO AND BUY A COUPLE OF 
BEERS. OF COURSE IT'S EASIER TO JUST GIVE A COUPLE   FREE BEERS BUT THIS IS A LITTLE BIT MORE FUN FOR 
PEOPLE WHO ARE OBSESSED WITH BITCOIN. 'MI PREMIER   BITCOIN' WHICH MEANS MY FIRST BITCOIN IS NOW A 
TEAM OF PEOPLE WHO ARE EDUCATING LOCALS. IT'S   TURNED INTO A VERY POLITICAL IDEA. SO WHEN YOU 
WANT TO TEACH A PERSON IT'S LIKE OH THIS BUKELE   OR AH THE GOVERNMENT. RESPONSIBILITY WHEN YOU 
TEACH THEM BECAUSE EVERYTHING YOU'RE TELLING THEM,   THEY'RE BELIEVING YOU BECAUSE 
THEY DON'T THEY KNOW NOTHING.   WHILE SOME PEOPLE ARE PAYING AND ACCEPTING 
BITCOIN IN EL SALVADOR, THE MAJORITY OF   PEOPLE I MEET ARE NOT.

ONE SHOP OWNER EVEN HAS 
A SIGN PROUDLY SAYING HE DOESN'T ACCEPT BITCOIN.   UP DOWN UP DOWN AND NOW IS SLOWING DOWN. THEY NEED 
TO EDUCATE THE MASSES MORE I THINK THE NUMBER ONE   KID COMES OUT IS EDUCATION. WE DON'T KNOW YOU 
KNOW CONFUSING NO INFORMATION NO EDUCATION, A   LOT OF PEOPLE NEED TO LEARN. LACK OF EDUCATION IS 
CAUSING THE LACK OF UNDERSTANDING OF HOW IT WORKS.   BUT ORGANIZATIONS LIKE THIS AT BITCOIN BEACH 
ARE TRYING TO CHANGE THAT. HERE THEY TEACH   ENGLISH CLASSES AND CLASSES ABOUT PERSONAL 
FINANCE. THEY EVEN GIVE KIDS SOME BITCOIN,   TELL THEM TO GO BUY SOMETHING WITH IT AND 
THEN DISCUSS IT BACK IN THE CLASSROOM.   CREATE A BETTER ECONOMY WE WANT TO TEACH 
THE KIDS ABOUT A FINANCIAL, FINANCE STOR,Y   AND ABOUT LIKE SAVING MONEY..

NOW PEOPLE 
FROM OTHER COUNTRIES WANT A PIECE OF THIS NEW   CRYPTO MARKET, THAT'S WHAT I FIND AT THE 
BASE OF EL SALVADOR'S WORLD TRADE CENTER.   THIS PLACE IS ACTUALLY FUNDED BY A CRYPTO STARTUP 
CALLED 'OGOCOIN' AND IT WAS ACTUALLY STARTED BY   A MAN IN SINGAPORE. IT'S A SINGAPOREAN COMPANY 
HENCE THIS HUGE MURAL OF SINGAPORE. ON THE WALL   THEY HAVE A TIMELINE OF HOW WE PAY FOR THINGS 
STARTING FROM BARTERING FOR THINGS GOING TOWARD   GOLD, GOING TOWARD CASH, WHEN OUR CREDIT CARDS 
BANKS AND IT ENDS IN SEPTEMBER 2021 WHERE EL   SALVADOR ADOPTS BITCOIN AS LEGAL TENDER. IT'S 
SUPER INTERESTING TO SEE THEM ASSOCIATE BITCOIN   WITH THINGS SUCH AS YOU KNOW BARTER AND CREDIT 
CARD GOLD, BECAUSE IT REALLY INSTILLS THAT   IMPRESSION IN YOUR BRAIN THAT THIS IS THE FUTURE. 
AND THEN THERE ARE COMPANIES LIKE STRIKE WHERE YOU   CAN PAY WITH BITCOIN IT'S AN AMERICAN COMPANY 
SO EAGER TO GET CUSTOMERS HERE THAT IT TELLS   SOME MERCHANTS TO GIVE 75% OFF IF THEY PAY WITH 
BITCOIN.

AND STRIKE WILL PICK UP THE DIFFERENCE,   BUT FOR MANY YOUNG PEOPLE HERE THEY DON'T REALLY 
NEED AN INCENTIVE. I GO TO THE GYM SO A FRIEND   OF MINE TALKS ABOUT BITCOIN ALL THE TIME SO 
IT SEEMS LIKE A COOL STUFF. LET'S SAY I MAKE   $500 A MONTH, IN 2020 I WOULD HAVE SAVED $900 ON 
MY PENSION, RIGHT? WHAT IF INSTEAD OF PAYING $75   TO A PRIVATE COMPANY WHO HANDLES MY PENSION, I 
WOULD HAVE BOUGHT $75 IN BITCOIN EVERY MONTH IN   2020.

DO YOU KNOW HOW MUCH MONEY I WOULD 
HAVE RIGHT NOW INSTEAD OF 900? $8 000.   AND WHEN I TELL LOCALS ABOUT ABOUT THIS EXAMPLE 
THEY'RE LIKE OKAY SALVO WHERE'S MY PHONE.   DO YOU USE CHIVO SAY AT THE BEGINNING I 
START USING CHEAPO DO PEOPLE LIKE CHIVO YEAH   SOME PEOPLE THIS CELL PHONE STORE SELLS EVERYTHING 
AND THEY PROUDLY ACCEPT BITCOIN AND CHIVO. CHIVO   IS EL SALVADOR'S OFFICIAL BITCOIN WALLET AND 
UNLIKE EVERY DIGITAL WALLET IT CAN ONLY BE   USED BY SALVADORIANS. MILLIONS OF SALVADORIANS 
HERE THEY HAVE THE ACHIEVABLE WALLET, THAT IT'S   A BITCOIN AND DOLLAR DIGITAL WALLET, SO THEY 
CAN TRADE ON BITCOIN, THEY CAN RECEIVE BITCOIN,   AND OF COURSE THEY CAN PAY IN BITCOIN. BUT 
CHIVO HAS ALREADY BECOME SYNONYMOUS WITH   POLITICAL CONTROVERSY. THEY DON'T TRUST THEIR 
GOVERNMENT, AND THEY SEE BITCOIN AS SOMETHING   THAT COMES FROM THE GOVERNMENT. IT'S SOMETHING 
OF A PARTISAN ISSUE HERE. PRESIDENT HAS HIGH   APPROVAL RATINGS, BUT MANY PEOPLE THAT DON'T LIKE 
THE PRESIDENT FEEL PRETTY STRONGLY ABOUT THAT.   THIS IS IT, THIS IS THE CHIVO ATM. THIS IS WHERE 
PEOPLE CAN TRADE THEIR BITCOIN INTO DOLLAR OR   THEIR DOLLAR INTO BITCOIN. AND THIS IS ONLY FOR EL 
SALVADORIANS.

THE FIRST THING IT ASKS IS WHAT IS   MY MOBILE NUMBER SO THIS IS FAR FROM ANONYMOUS THE 
WAY A LOT OF PEOPLE YOU KNOW USE BITCOIN FOR. YOU   HAVE A NUMBER OF STAFF MEMBERS WHO ARE PROMOTING 
CHIVO, HELPING ANSWER PEOPLE'S QUESTIONS,   AND ULTIMATELY TRYING TO PROMOTE THE APP. 
I'VE ACTUALLY NEVER SEEN SO MUCH SECURITY   FOR ANYTHING IN EL SALVADOR. I HAVE TO WONDER IF 
THE SECURITY IS HERE BECAUSE OF POTENTIAL UPROAR.   AS AN INCENTIVE TO USE CHIVO, THE GOVERNMENT 
OFFERED EVERY ONE OF ITS CITIZENS THIRTY DOLLARS   WORTH OF BITCOIN IF YOU GET THE APP, YOU GET IN 
EXCHANGE THIRTY DOLLARS IN BITCOIN. THAT IS HUGE   FOR THIS COUNTRY. MILLIONS OF PEOPLE DOWNLOADED 
IT WITHIN WEEKS. A LOT OF PEOPLE DO TO $30   FOR BEERS, FOR GASOLINE, AND I DON'T KNOW. THERE 
WAS A HUGE SCANDAL HERE IN EL SALVADOR. I CHECKED   EVERY DAY AT $30 AND THEN 26 IN ONE MOMENT AND ONE 
MOMENT IT DISAPPEARED.

SOMEONE REPORTED THAT THEIR   PHONES THEY GOT MISSING IN THE CHIVO APP. HUNDREDS 
REPORTED THE SAME PROBLEM. IT WAS NEVER CLEAR   IF THE MONEY WENT MISSING FROM HACKERS OR A BUG ON 
CHIVO'S APP WHICH HAS RECEIVED SO MANY COMPLAINTS   THAT THE GOVERNMENT HAS HIRED A NEW YORK FIRM 
TO FIX THE BUGS. I'M FRUSTRATED THAT PEOPLE   ASSOCIATE BITCOIN AND THE CHIVO THING IS THE SAME 
THING. BITCOIN IS BITCOIN, A TECHNOLOGY. AND THEN   YOU HAVE THE WALLET. WHEN CHIVO HAS TO INTERACT 
WITH THE BLOCKCHAIN, IT'S BAGGISH. SOMETIMES YOUR   TRANSACTION DISAPPEAR, IT'S HARD TO FIND THE 
LIGHTNING NETWORK ON THE CHIVO APP. AND THAT'S   BAD FOR BITCOIN BECAUSE SOMETIMES PEOPLE GET MAD 
WITH CHIVO BUGS, AND THEY THINK BITCOIN IS NOT   WORKING. BITCOIN WORKS PERFECTLY, IS CHIVO THAT 
SUCKS. THAT'S SOMETHING THAT WE WE ACTIVELY TRY TO   SHOW PEOPLE, THAT CHIVO IS ONE WAY TO USE BITCOIN. 
CHIVO WALLET BELONGS TO THE SALVADORIAN GOVERNMENT   SO THEY OWN THE POPULATION BITCOINS AT THE 
MOMENT, AND THIS IS SOMETHING I CANNOT ENDORSE   AT ALL.

THE FRONT PAGE OF TODAY'S PAPER SAYS CHIVO 
IS EXPANDING AND GOING TO BE REDUCING FEES FOR   REMITTANCE, SO PEOPLE IN THE U.S LET'S SAY SENDING 
MONEY TO THEIR RELATIVES HERE IN EL SALVADOR THE   FEES ARE NOW GOING TO BE LOWER. FRONT PAGE OF THE 
NEWSPAPER. GOOD PR PUSH FOR CHIVO. THIS IS NOT   HOW YOU HELP YOUR POPULATION FREEING, YOURSELF BY 
THE SLAVERY KNOWN AS ADDITIONAL FINANCIAL SYSTEM.   WE MUST PRESUME CHIVO IS A SPYWARE AND IS A 
CUSTODIAL WALLET. YOU DON'T OWN YOUR PRIVATE   KEYS. AND IF YOU DON'T OWN YOUR PRIVATE KEYS 
YOU DON'T OWN YOUR BITCOIN. PEOPLE LOVE BITCOIN   BECAUSE IT'S A DEMOCRATIC FORM OF MONEY THAT'S 
NOT BACKED BY ANY GOVERNMENT OR CENTRAL BANK,   LOOK AT HOW THE LIVES OF PEOPLE IN VENEZUELA OR 
LEBANON HAVE CHANGED AND YOU CAN SEE THE APPEAL   OF A DECENTRALIZED CURRENCY. BUT IF EVERYONE HERE 
IN EL SALVADOR IS USING A GOVERNMENT-LAUNCHED APP,   IS THIS REALLY HOW BITCOIN WAS INTENDED TO BE 
USED? 2.5 MILLION SALVADORIAN ARE LIVING ABROAD,   MOST OF THEM IN THE US. A HUGE MAJORITY OF THEM 
ARE WORKING ABROAD ILLEGALLY.

SO WHEN YOU DO THAT   YOUR HOME COUNTRY ALL CONTACTS WITH YOU, 
THEY DON'T KNOW WHERE YOU LIVE IN THE US,   THEY DON'T KNOW WHAT YOU DO, THEY DON'T KNOW HOW 
MUCH YOU MAKE, THEY DON'T KNOW HOW MUCH MONEY YOU   SEND BACK HOME. NOW WITH THE CHEVO WALLET THEY 
KNOW EVERYTHING THEY KNOW WHERE YOU ARE THEY   KNOW WHAT YOU BUY THEY KNOW HOW MUCH MONEY YOU 
GET THEY KNOW HOW MUCH MONEY YOU SEND BACK HOME   BECAUSE YOU'RE NOT USING ANYMORE WHEN WESTERN 
UNION TO DO THAT, YOU USE THE ACHIEVABLE WALLET.   ALMOST 90 PERCENT OF GLOBAL TRANSACTIONS 
ARE DONE IN U.S DOLLARS. IF YOU TALK ABOUT   SALVADORIAN IN THE STREETS, THEY ARE MORE THAN 
FINE WITH DOLLARS THEY HAVE BEEN USING IT FOR 20   YEARS. FOR ME IT'S AMAZING USING AMERICAN DOLLARS 
THAT HAVE POWER AROUND THE WORLD, BUT BITCOIN IS   NEW.

BUT MANY YOUNG PEOPLE HERE ARE TELLING ME THE 
EXACT OPPOSITE AND MUCH OF THEIR LOVE FOR BITCOIN   COMES FROM A FEAR OF THE US DOLLAR. THE VALUE OF 
THE DOLLAR IS DECREASING EVERY DAY MAYBE YOU DON'T   SEE IT LIKE IN VENEZUELA OR ARGENTINA, BUT IT'S 
THE SAME THING. THE DOLLAR, THE INFLATION GETS   TOO HIGH YEAR OVER YEAR. I SAW A TWEET: THE DOLLAR 
OVER THE YEAR SINCE 1916. $100 IN THAT TIME NOW   IT'S LIKE CENTS OR ONE DOLLAR. THE U.S DOLLAR 
IS GOING TO GO DOWN IF YOU UNDERSTAND HOW MONEY   WORKS YOU WOULD UNDERSTAND THAT THE U.S DOLLAR 
HAS A VERY VERY SMALL TIME. THE SAD PART IS 99.9   PERCENT OF THE WORLD DOES NOT UNDERSTAND HOW MONEY 
WORKS, SO THAT'S WHY THEY'RE STILL BULLISH ON   THE US DOLLAR. IF YOU WANT TO STAY IN DOLLARS AND 
YOU HAVE A GUARANTEE OF LOSS OF PURCHASING POWER,   OR YOU'RE IN BITCOIN AND YOU HAVE A GUARANTEED 
INCREASE IN PURCHASING POWER WITH SOME VOLATILITY.   SURE INFLATION HAS HIT A 40-YEAR HIGH IN THE U.S 
BUT INFLATION HAS HAPPENED GLOBALLY AND DESPITE   THAT THE US DOLLAR IS STILL CONSIDERED KING 
TO MOST.

THE BITCOIN NARRATIVE IS AGAINST FIAT   MONEY THEY ARE EXPRESSION OF THE OLIGARCHY FED 
CAN PRINT TRILLIONS OF DOLLARS OUT OF THIN AIR.   THIS MONEY IS PACKED BY NOTHING IT'S JUST TOILET 
PAPER AND BLAH BLAH BLAH BLAH. PRINTING MONEY   HAS REAL CONSEQUENCES. FOR THEM THE DOLLAR IS EVIL 
BECAUSE IS A TOOL TO ENSLAVE ECONOMICALLY PEOPLE.   COMMUNIST REGIME IN VENEZUELA AND IN CUBA 
ALLOWED PEOPLE TO SEE RUSSIA TODAY. MAX KEISER   IS IN RUSSIA TODAY, WHY? BECAUSE MAX KAISER KEEPS 
BASHING THE DOLLAR IN HIS PODCAST, SO THEY THINK   THAT'S ANTI-AMERICAN PROPAGANDA. BECAUSE 
RUSSIA IS NOT AN INDEBTED ECONOMY, BUT THESE   OTHER COUNTRIES BECAUSE THEY'RE SO INCREDIBLY 
INDEBTED THEY PUT THEMSELVES IN THIS POSITION.   THE REASON WHY MAX IS SO POPULAR IN CUBA AND 
IN VENEZUELA OTHER TWO COUNTRIES THAT ARE USING   BITCOIN A LOT TO FREE THEMSELVES FROM THE US. 
PRESIDENT PUTIN HAVE DONE A BRILLIANT JOB SO BRING   IT UP. ASK ANY BITCOIN ENTHUSIAST THEY'LL SAY 
BITCOIN IS A TECHNOLOGY THAT TRANSCENDS POLITICS.   BUT IN EL SALVADOR RIGHT NOW BITCOIN HAS 
BECOME POLITICS.

THERE ARE ECONOMISTS THAT SAY   IT COULD DIP AS LOW AS 10 000 THIS YEAR. WHAT DO 
YOU SAY TO THAT? OH 10 000. YEAH. WHILE I'M HERE   BITCOIN WAS DOWN 50 OFF ITS HIGHS WITH SOME SAYING 
IT COULD PLUNGE FURTHER. WHEN YOU SEE IT LIKE THAT   IT'S SCARY OF COURSE LIKE ME A SALVATORIAN REGULAR 
GUY THAT DOESN'T HAVE MILLIONS OF COURSE IT WOULD   AFFECT MY ECONOMY BUT THEN THIS DECENTRALIZED 
ECONOMY AND THIS IS WHAT IT STANDS FOR. COINERS   GET PAID TO REALIZE THIS BEFORE WE GET PAID TO 
BE EARLY. THAT'S WHY I HAVE THE SUCCESS I HAVE.   I I DON'T SEE A BITCOIN GOING DOWN IS IT HAS IT 
GONE DOWN I'M UNAWARE OF IT THAT'S NEWS TO ME   EVERY CHART I LOOK AT JUST SAYS 11 YEARS AGO. 
ANYONE WHO TRIES TO TRADE IN AND OUT OF BITCOIN   THERE'S A CITY IN NEVADA FOR THEM IT'S CALLED LAS 
VEGAS. BITCOIN HAS PUT THIS COUNTRY ON THE MAP   LIKE IT HAS NEVER BEEN SEEN BEFORE. THERE 
ARE NOW PLANS TO EVEN BUILD A BITCOIN CITY.   I'M REALLY PROUD OF BEING IN SALVADORIAN RIGHT 
NOW.

I'M WORKING AND GETTING MY CITIZENSHIP   I BELIEVE THAT THIS COUNTRY WILL MAKE IT 
HAPPEN. I'M REALLY EXCITED ABOUT THE POSSIBILITY   FOR A NATION STATE LIKE EL SALVADOR TO BE ABLE 
TO EXIST IN AN INTERCONNECTED FINANCIAL WORLD   THAT IS NOT DOMINATED BY THE OLD POWERS. SO 
WILL BITCOIN REALLY REPLACE FIAT CURRENCIES?   THOSE THAT UNDERSTAND IT WE ARE OBLIGATED 
TO SHARE OUR KNOWLEDGE.

IN THE PAST WE USED   GOLD BUT THEN THE DOLLAR CAME BECAUSE IT'S 
JUST A LOT EASIER TO EXCHANGE WITH SOMEONE.   BUT UNLIKE GOLD WHICH IS TIED TO SCARCITY 
THE DOLLAR WAS TIED TO THE GOVERNMENT. I   DO NOT SEE BITCOIN AS A WAY TO MAKE MORE DOLLARS, 
I SEE BITCOIN AS A WAY TO ESCAPE DOLLARS.   WHY WOULD YOU EVER CHOOSE TO HOLD A MONEY THAT 
SOMEONE CAN ARBITRARILY DIMINISH. A DECADE AGO   IN CHINA HUNDREDS OF MILLIONS OF PEOPLE SKIPPED 
USING COMPUTERS AND WENT STRAIGHT FOR CELL PHONES.   THIS IS A CONCEPT KNOWN AS LEAP FROGGING, 
AND IT'S WHY CHINA'S SMARTPHONE MARKET IS NOW   SO ADVANCED. TODAY, MORE THAN 1.7 BILLION ADULTS 
ON OUR PLANET DON'T HAVE BANK ACCOUNTS. BUT MANY   ARE GETTING CELL PHONES AND THE INTERNET, AND IF 
BITCOIN GAINS TRACTION HERE IN THIS COUNTRY COULD   MILLIONS MORE BE NEXT? BITCOIN IS GONNA EVENTUALLY 
MAKE STATES OBSOLETE, BECAUSE IT RESPONDS   TO A BASIC NEED OF HUMAN BEINGS, ALL AROUND THE 
WORLD. FOR THE FIRST TIME IN HISTORY WE ARE SAYING   STOP TWO DOLLARS. IF ENOUGH PEOPLE ARE USING 
BITCOIN IN SAY, ARGENTINA, THEN THAT BECOMES A   CURRENCY.

WE HAVE A SPIKE IN ADOPTION ALL OVER 
CUBA VENEZUELA. IT'S A SORT OF WAY THAT PEOPLE   CAN VOTE BITCOIN IS TO PROTECT HUMAN RIGHTS NOT 
TO MAKE A SPOILED BRAT FROM WALL STREET RICHER..

As found on YouTube

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