I Lived In El Salvador For 6 Months And Spent Bitcoin 300 Times!
This Is What I Learned From Living In The Worlds Most Dangerous Country.
Exactly 2 years ago in June 2021, The president of El Salvador, Nayib Bukele announced that his country would become the first to make Bitcoin legal tender.
In the following 720 days, there’s been a wide range of opinions and controversy surrounding the decision…
Has Bitcoin failed?
Has Bitcoin Succeeded?
Is El Salvador going to default on its debt?
Is it still the world’s most dangerous country?
Well, I decided to leave Australia and go and live in El Salvador for 6 months, to find out the truth for myself.
Now, the first thing most people want to know about El Salvador is always in regards to the adoption of Bitcoin, and how widespread the currency is.
Well, adoption varies based upon where you’re looking, and who you’re asking, but I was able to spend Bitcoin on over 500 different occasions in my short trip in El Salvador.
This meant more than 99% of my purchases were made using Bitcoin, and this was possible because you can spend Bitcoin at all the major fast food restaurants, coffee shops, and even all the major grocery shops.
If you want to see a number of videos of me spending Bitcoin in El Salvador, you can watch those in this video that we just released today.
I found that the adoption of Bitcoin varies based on which part of the country you’re in.
For example, adoption in El Zonte is far higher than you might find in the city.
However, in saying that, adoption in the city is still quite high, and there’s been a noticeable difference made by Bukele’s Bitcoin strategy.
However, I think the most important thing that Bukele has done is derisk Bitcoin at the nation-state level!
Since Bukele’s 2021 decision, there has been a growing list of countries welcoming Bitcoin into their country in one-way shape or form.
This is a list of countries that’re either making Bitcoin legal tender or simply allowing it to be traded with no taxes within their country, and we can see that this list is growing exponentially!
2020= 0 countries
2021 = 1, El Salvador.
2022 = 12, El Salvador, Central Africa Republic, Portugal,(Madeira) Switzerland,(Lugano) Honduras, Guatemala, (Bitcoin lake), Costa Rica,(Bitcoin jungle) United Arab Emirates, Liechtenstein, Germany, Brazil.
This exponential trend is occurring at the same time that another exponential trend is occurring…
Countries With double-digit inflation:
2020= 15 countries
2021= 17 countries
2022= 88 countries
It appears as if a number of exponential trends are currently unfolding at the nation-state level.
Central planners from around the world have no solution to solve the enormous inflation we’re seeing.
It’s only a matter of time before more nation-states will have to adopt Bukele’s Bitcoin playbook, and some of the signs emerging out of Argentina, Liechtenstein, and SE Asia are suggesting that 2024 is going to be an interesting year for Bitcoin…
Liechtenstein’s prime minister recently revealed that Bitcoin payments will be accepted for some government services.
“A payment option with Bitcoin is coming,” he said, adding that he is open to investing state reserves in Bitcoin.’’
Then in South America, something huge is developing in the country that possesses’ LATAMS biggest economy, Argentina…
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