El Salvador: In Depth Review - Fed Watch #58 - Bitcoin Magazine
In this episode of Bitcoin Magazine’s “Fed Watch” podcast, we, your hosts Christian Keroles and Ansel Lindner, discuss my recent article How Bitcoin Will Impact El Salvador’s Geopolitics. You will hear a bullish, yet realistic, perspective on El Salvador, and learn how bitcoin can affect countries as they adopt it as a legal tender.
We begin the show by talking about why this topic is important. El Salvador is blazing a trail by adding bitcoin as a legal tender and there is a lot of build up for bitcoin to perform. People are excited that bitcoin will show the world all the benefits it can bring to nations ready to take the giant leap into the future.
The article is broken into several sections and we take our time stepping through each one. First is history and politics. El Salvador’s history is a multicultural one. It was the meeting place for Mayan, Aztec and other Central American cultures. The region was traditionally relatively decentralized into micro regions and never consolidated into a vibrant seat of power. In more modern times, its people have found difficulty consolidating legitimate power in a government, with civil wars and rampant violent gang divisions. The recent successes in this area by Nayib Bukele are promising, but do not provide evidence that their historical proclivities are gone forever.
Written by Ansel Lindner
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Timestamps:
0:00 - 1:13 Intro
1:13 - 2:55 Ansel's purpose in writing the article about El Salvador
2:55 - 4:27 President Bukele's role in the bitcoin legal tender law
4:27 - 5:41 Will bitcoin adoption have a significant impact on El Salvador?
5:41 - 8:05 How do small countries reach a high standard of living?
8:05 - 12:22 The history and politics of El Salvador
12:22 - 14:24 El Salvador's tendancy towards decentralization
14:24 - 16:06 How can bitcoin benefit El Salvador?
16:06 - 20:14 The history of El Salvador's economy
20:14 - 22:10 Bitcoin 2022
22:10 - 23:26 The Deep Dive
23:26 - 25:27 Bitcoin's effect on remittances and local talent
25:27 - 27:41 The commercial potential of El Salvador
27:41 - 29:41 El Salvador's energy potential
29:41 - 32:13 The demographics in El Salvador
32:13 - 34:48 The potential effects of demographics on the global economy
34:48 - 38:04 How can bitcoin make a difference in El Salvador?
38:04 - 40:37 The difficulties moving forward in El Salvador
40:37 - 41:32 How to follow Bitcoin Magazine's content
41:32 - 44:31 The current state of the bitcoin price
44:31 - 47:38 The lack of activity on chain
47:38 - 49:00 Increasing concern about the macro environment
49:00 - 50:32 The difficulty with diagnosing the problems with the fiat system
50:32 - 52:32 Closing comments
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