Did you miss the impromptu public address from El Salvador’s President Nayib Bukele to the crypto twitter nation? The Bitcoin laws of El Salvador go down in history with BTC for the first time worldwide as legal tender.
More than 22,000 Bitcoiners attended an impromptu global meeting to simultaneously discuss the passing of the #BitcoinLaw that is making BTC legal tender in El Salvador on Twitter today, including an impromptu visit from El Salvador’s President Nayib Bukele himself.
The bill passed by 62 votes out of 84 and made history as El Salvador became the first country in the world to adopt BTC as legal tender, giving it the same legal and commercial importance as the US dollar.
The law requires all companies in El Salvador that can accept BTC to do so on every transaction, large or small. BTC will be instantly convertible to USD through a government-established trust fund of $ 150 million, which will buy BTC from small businesses that don’t want to take the risk of holding it.
Break crypto twitter
History was made in more ways than one way today when Twitter Spaces, an audio meetup competitor for Clubhouse, jumped from 5,000 to 22,000+ listeners in minutes after Nayib Bukele walked in and was invited to speak to Caitlin, a hostess that the group feared. broke Twitter ”.
Nayib Bukele used the platform to directly address Bitcoiners around the world, peer-to-peer so to speak, and thanked them for their pioneering work and vision for the future, including decentralization, innovation, technology-driven prosperity and new hope for global prosperity and diverse audience.
Not because of the money
When asked if he was concerned about the rejection of the bill, Nayib Bukele said, “We live in a free country so people can speak out against it. But many will support that. “
The reason Nayib Bukele rightly counted on support for the law is that El Salvador’s move to enact BTC as legal tender is “not just about money.”
“I think there is a lot of support. The inclusion of BTC as legal tender will attract many innovators and talent. We’re not just talking about money, we’re talking about talent, technology, and fresh new ideas. It’s already there and it’s getting more and more every day. More access to technology, more access to finance, is good for the global community. Everyone must and should support it, it is good for humanity. “
The purpose of the law is to attract “innovators, entrepreneurs and talent” to El Salvador, said Nayib Bukele. “This is not just for rich people, this is for everyone.” Nayib Bukele sees Bitcoin Beach and Nic Carter as key pioneers in introducing Bitcoin to local communities. However, Nayib Bukele sees his role and the role of El Salvador as groundbreaking for the introduction at the national level. “The community can benefit from Bitcoin, and now we’re showing how people across the country can benefit from it.”
A future childhood dream
Nayib Bukele was asked how he got into a bitcoin pendant.
“We all firmly believe in the future. I remember thinking about the future as a kid. Flying cars, beautiful buildings, no technical problems and everything is connected. There was no hunger, no illness. Now I speak to young people and ask them about the future. They won’t talk about flying cars and shiny buildings and hunger, they will talk about nuclear war, pests and climate disasters. “
“When did our future change from something so beautiful to something so dystopian? We have to remember that we are building our own future, the future is not imposed on us. We build our own future, so why are we limiting ourselves to a dystopian future when we can build the future we dreamed of as children? “
“So I can imagine that Bitcoin was the most important cryptocurrency in the world that solves many problems … Bitcoin as a technology is the future, it solves many things, it has been well thought out and supported by many people who want a better future. ”
“We don’t just want to support, but also show that the world can benefit from it. It is no longer just a country, but El Salvador is also a symbol of what Bitcoin can do and there will be many new technologies. “
“If we can change our future, we will see the future of other countries change. We will see the future of many countries change and that will create a better society. And that’s one of the things we all have to deal with because we have to build the future for humanity and we have to accept the new and accept the not-so-good futures that the world is heading towards and that we can change. ”
“So Bitcoin is an important part of it and will be a great example.”
Nayib Bukele does not refer to himself as a Bitcoin holder or see himself as legal tender from BTC to pump his own pockets. “I think this will be an important turning point not just for El Salvador but for the whole world. And people like to laugh because it’s a small country, but it doesn’t matter, it happens, it’s going to change a lot of things, and it’s nice to be part of something that changes things for all of humanity. “
“It’s nice to be part of something that changes things for all of humanity.”
A case for freedom
People don’t have to use a government-mandated wallet to use BTC as legal tender in El Salvador. Any crypto wallet is accepted, although the government builds and provides its own wallet, which is completely optional.
“People can use any wallet they want. There will be a government option, a government developed wallet, but that will be an option. “
“It will be as free as possible. Any new technology that is developed will be available to all other countries. The use of BTC is not restricted except for legal purposes. “
Contrary to the government’s global trend towards more regulation, Nayib Bukele stated that while BTC can be used for illegal activities, the US dollar and any other legal currency can also be used.
“Being free is not a synonym for being bad. I don’t know who made that definition because being free is as good as it gets. The main thing is not to use your wallet, the main thing is to use BTC as legal tender in the country. “
An equal opportunity
Nayib Bukele realized that not everyone has access to the same technological advancement when it comes to adoption. Therefore, the Salvadoran government will proactively support small businesses and individuals with adoption, even to the point of providing smartphones and resources for the use of crypto wallets for the average person.
“We’re going to help people with technology and connectivity, we’re going to replicate this on a larger scale so everyone can sell fish in the market and you’re not currently in a financial sector with a phone and app that can help you get involved and benefit from it . “The government will do this proactively to help people who do not have a smartphone or internet connection. “
As evidence of how the modern world works, a question from host Nayib Bukele provided a new opportunity to see BTC as potential for El Salvador with a global improvised chat on Twitter that was the catalyst for an entire country’s economic progress.
“Every day a new idea, yes, we will get something to think about,” said Nayib Bukele spontaneously. “We have geothermal energy here, ie energy from volcanoes that is 100 percent clean and renewable, and we have been producing this energy for 50 years.”
“At the moment we are losing a lot of energy by moving the energy from geothermal systems to cities. That is why we want to promote business parks on the outskirts of the facilities where you can build your factories and obtain 100 percent renewable energy, and not because of Bitcoin, but because people want to invest in factories without a carbon footprint. “
“If someone is listening who wants to build a Bitcoin mining farm with zero emissions and cheap energy, you can do it right there because of very cheap energy. So I suspect someone might want to start mining with cheap renewable energy. New ideas arise every day! “
Protection against volatility
Nayib Bukele understands that not everyone will have the same certainty about BTC and that the people who have the most to lose shouldn’t be exposed to volatility. The answer will be a $ 150 million trust fund that the government manages so that all small transactions in BTC can be instantly converted to USD.
If you are paid in BTC in El Salvador, you have the option to convert the BTC to USD in the USD value at which you were originally paid. In fact, El Salvador has a fund to buy $ 150 million in BTC in microtransactions in the coming months.
El Salvador, says Nayib Bukele, will set up a trust fund and buy bitcoin from transactions made by people who don’t want to take the risk.
“A lady who sells fruit in the market and doesn’t understand or wants to risk her savings or the risk of using bitcoin, but is hired when she has the technology to accept bitcoin to sell her fruit. So if she uses the wallet she can sign out so she can take the USD money when she takes the BTC and we will buy the BTC at the price she rated her food at, not the market price . “
“We are transferring the risk to the state. This risk can result in a profit or loss for the state. So the trust fund is backed by some losses and some gains, and we could lose or make some money, but the purpose of the trust fund is to support the decision to support BTC as legal tender and the trust fund allows us to do that Mitigate risk from small traders who don’t want to take risks and who don’t involve the Federal Reserve or our central bank. “
Entrepreneurs and Talents
After reading this vision of the future, who does not have the idea of moving to El Salvador, where we can participate in building this new, positive and transcendent future for humanity? The good news is that if you invest at least 3 BTC in El Salvador, you will automatically get a permanent permit under the new laws.
See you in El Salvador!
Akasha Rose is Communications Director for Sheesha Finance and Slogging Community Manager @Hackernoon
Sheesha Finance (https://sheesha.finance/) is the leading DeFi mutual fund that offers world-class diversification and rewards of cryptocurrency portfolios. Sheesha Finance rewards investors of all sizes, from small to large ticket holders, with unlimited DeFi tokens from a diversified portfolio of projects. Sheesha Finance’s easily convertible assets can be freely used to maximize the rewards and get involved in existing and upcoming DeFi projects and solve the locked crypto inaccessibility in DeFi. With plans to become a member-managed decentralized autonomous organization (DAO), Sheesha Finance is committed to maintaining full transparency and integrity in the DeFi space.