62. El Salvador on The Bitcoin Standard
In this episode Saifedean talks to regular seminar attendees about El Salvador’s recent adoption of bitcoin as legal tender. They discuss how this is a test of the importance of legal tender laws for monetary choice, and the drawbacks of legal tender laws. Will this hasten bitcoin's adoption in daily transactions? Or will it encourage hodling? What impact would wider use of bitcoin have on El Salvador’s exports? Why are governments without their own currencies more likely to adopt bitcoin? Can bitcoin inspire a populist anti-inflationist political movement in Latin America? They also touched on recent media reports about recovery of bitcoin from colonial pipeline hackers.
Jack Mallers talk at Bitcoin 2021 conference during which president Nayib Bukele announces bitcoin will become legal tender in El Salvador: https://youtu.be/_59hrgTiRJU
Jordan Schachtel article on colonial pipeline hack: https://dossier.substack.com/p/the-colonial-pipeline-hack-the-russians