Good for BTC, Good for Mankind | Public Interview with the President of El Salvador | Author: Akasha Rose | Capital | June 2021
Have you missed the impromptu public speech of El Salvador’s President Nayib Bukele to the crypto-Twitter country? The Bitcoin law in El Salvador made history, and BTC became legal tender for the first time in the world.
More than 22,000 Bitcoiners participated in a temporary global gathering while discussing the adoption of #BitcoinLaw on Twitter, making BTC the official legal tender of El Salvador, including an impromptu visit by the President of El Salvador himself.
The law was passed by 62 votes out of 84, making history. El Salvador became the first country in the world to make BTC a legal tender, giving it the same legal and commercial status as the U.S. dollar.
The law will require all companies in El Salvador that can accept BTC to do so in any transaction, regardless of size. BTC will be immediately converted into U.S. dollars through a US$150 million trust fund established by the government, which will purchase BTC from small businesses that do not want to risk holding BTC.
Breaking Encrypted Twitter
Today, history is made in more than one way, when the Twitter space, Clubhouse’s audio gathering competitor, exploded from 5,000 listeners to more than 22,000 listeners within minutes when Nayib Bukele joined the room and was invited as a speaker, leading to Caitlin Long, A moderator worried that the group had “broken Twitter.”
Nayib Bukele used the platform to talk directly with Bitcoiners around the world, so to speak, and express his gratitude to their pioneering spirit and his vision for the future, including decentralization, innovation, technology-driven prosperity and new The hope is for the world to prosper, to an aspiring and diverse audience.
When asked if he was worried about opposing the proposed legislation, Naib Bukler said: “We live in a free country, so people can oppose it. But many people will support this.”
It turns out that the reason Nayib Bukele correctly calculated the supported laws is that El Salvador’s move to legislate BTC as legal tender “is more than just money”.
“I think there is a lot of support. Adding BTC as a fiat currency will attract a lot of innovators and talents. We are not just talking about money, we are also talking about talent, technology and new ideas. It has come, and it is coming more and more day by day. More and more. More access to technology, more funding, is good for the global community. Everyone must support it, and it should be good for mankind.”
Nayib Bukele stated that the purpose behind the law is to “attract innovators, entrepreneurs and talents” to El Salvador. “This applies not only to the rich, but also to everyone.” Nayib Bukele sees Bitcoin Beach and Nic Carter as important pioneers in the adoption of Bitcoin in the local community. However, Nayib Bukele believes that his role and that of El Salvador opened the way for adoption at the nation-state level. “The community can benefit from Bitcoin, and now we will show how people can benefit across the country.”
Dreams of future children
Nayib Bukele was asked how he became a supporter of Bitcoin.
“We are all faithful believers in the future. When I was a child, I remember thinking about the future. Flying cars, beautiful buildings, because there is no problem with technology, everything is connected. There is no hunger, no disease. Now I talk to young people and ask them about the future. They don’t talk about flying cars and shiny buildings. They don’t talk about hunger. They talk about nuclear wars, pests, and climate disasters.”
“When will our future change from such a beautiful thing to such a dystopian thing? We must remember that we build our own future, and the future is not imposed on us. We build our own future, if we can build what I dreamed of as a child In the future, why limit yourself to a dystopian future?”
“So I can think that Bitcoin has always been the main cryptocurrency in the world. It has solved a lot of problems… Bitcoin as a technology is the future. It has solved a lot of things. It has been well thought out and won the approval of many people. Support wanting a better future.”
“We must not only support, but also prove that the world can benefit from it. It is no longer just a country. El Salvador is also a symbol of what Bitcoin can do, and a lot of new technologies will emerge.”
“If we can change our future, then we will see changes in the future of other countries. We will see changes in the future of many countries, which will build a better society. This is something that all of us must support One of the things, because we must build a future for mankind, we must accept the new and accept the not-so-good future that the world is heading towards, and we can change it.”
“So Bitcoin is an important part of it and it will be a good example.”
Nayib Bukele does not describe himself as a Bitcoin holder, nor does he see himself as making BTC a legal tender to enrich his bag. “I think this will be a huge game changer not only for El Salvador but also for the world. People may laugh because it is a small country, but it is not important. It is happening. It will change a lot of things and become The part of the thing that changes things for the whole of mankind is beautiful.”
“It’s so wonderful to be part of the things that change things for all of mankind.”
A free case
People don’t have to use government-regulated wallets to use BTC as the legal tender of El Salvador. Any encrypted wallet will be accepted, although the government will establish and provide its own wallet for people to use, which is completely optional.
“People can use any wallet you want. There will be a government choice, a wallet developed by the state, but it will be a choice.”
“It will be as free as possible. All new technologies to be developed will be available to all other countries. Except for legal purposes, there will be no restrictions on the use of BTC.”
Contrary to the trend of global governments demanding stronger supervision, Nayib Bukele stated that although BTC can be used for illegal activities, the U.S. dollar and any related legal currency can also be used for illegal activities.
“Freedom is not synonymous with bad. I don’t know who made this definition, because freedom is good. The important thing is not the wallet, the important thing is to use BTC as the country’s legal tender.”
Nayib Bukele recognizes that not everyone has the same level of technological advancement when it comes to adoption. Therefore, the Salvadoran government will actively assist small businesses and individuals to achieve adoption, and even provide ordinary people with smart phones and the use of encrypted wallet resources.
“We will help people through technology and connectivity, and we will replicate it on a wider scale so that anyone can sell fish in the market, and you are not in any financial sector now, so you need someone to help you call and An app to help you join and benefit from it. The government will take the initiative to do so to benefit people who don’t have a smartphone or Internet connection.”
As a testament to how the modern world works, the global spontaneous dialogue on Twitter has formed a catalyst for the economic development of the entire country. A question from the host provides Nayib Bukele with a new opportunity to see Bitcoin mining as the potential of El Salvador.
“Every day there is a new idea, yes, we will do something to promote thinking,” Nayib Bukele said quickly. “We have geothermal energy here, that is, energy from volcanoes, which is 100% clean and renewable. We have been producing this energy 50 years ago.”
“Now we are transporting energy from geothermal power plants to cities, so we lose a lot of energy, so we want to promote industrial parks on the outskirts of factories, where you can build factories and get 100% renewable energy. We want to do this instead of Because of Bitcoin, but because people want to invest in factories that don’t have a carbon footprint.”
“If someone wants to build a zero-emission and cheap energy bitcoin mining farm, you can do it there because the energy is very cheap. So maybe someone wants to mine with cheap renewable energy. New ideas appear every day! “
Nayib Bukele understands that not everyone has the same certainty about BTC, and the person who loses the most should not face the risk of its volatility. The answer will be a $150 million trust fund managed by the government so that all small transactions in BTC can be instantly converted into U.S. dollars.
If you pay in BTC in El Salvador, you will be able to access the option to convert BTC to the U.S. dollar value of the U.S. dollar you originally paid. Therefore, in fact, El Salvador has a fund that will buy 150 million US dollars of BTC through microtransactions in the next few months.
Nayib Bukele said that El Salvador will establish a trust fund and buy bitcoin from transactions made by people who don’t want to take risks.
“A lady who sells fruits in the market does not understand or does not want to take the risks implied by her savings or using Bitcoin, but if she has the technology to accept Bitcoin to sell fruits, she will be compulsory. So we What to do is, if she is using a wallet that she can opt out of, then if she takes the BTC, she will take the dollar money, so we will buy the BTC at the price she valued her food, not the market price.”
“We transfer the risk to the government. This risk may translate into profit or loss for the government. So the trust fund is supported by some losses and some gains. We may lose some money or make some money, but the purpose of the trust fund It is to support the decision to support Bitcoin as a legal tender. The trust fund allows us to absorb the risks of small merchants who do not want to take risks and do not involve the Federal Reserve or even our central bank.”
Entrepreneurs and talents
After reading the vision for the future, who wouldn’t consider moving to El Salvador, where we can participate in building this new, positive and transcendent future for mankind? The good news is that if you invest at least 3 BTC in El Salvador, you will automatically be eligible for permanent residency under the new law.
See you in El Salvador!
Akasha Rose Is the director of communications Xisha Financial And logging community manager @Hackernoon
Xisha Financial (https://sheesha.finance/) Is a leading DeFi mutual fund that can achieve high-quality cryptocurrency portfolio diversification and rewards. Sheesha Finance rewards investors of any size from a diversified portfolio of projects, from small to large holders, and unlimited DeFi tokens. Sheesha Finance’s easily convertible assets can be used freely to maximize returns and access existing and upcoming DeFi projects, and solve the encryption inaccessibility problem locked in DeFi. Sheesha Finance plans to become a member-managed decentralized autonomous organization (DAO), committed to maintaining complete transparency and integrity in the DeFi space.