President Nayib Bukele Explains Why El Salvador Made Bitcoin Legal Tender
In this interview, Peter McCormack talks with El Salvador President Nayib Bukele. They discuss the decision to make bitcoin legal tender, education & infrastructure, volcano mining, and why he believes bitcoin is a ‘no-brainer’.
00:00:16 - Why did President Bukele decide to do this?
00:07:09 - What are the risks of making Bitcoin legal tender?
00:09:10 - The pressures of being a President
00:17:23 - Can this law be stopped?
00:23:52 - How will this fit into President Bukele's legacy?
00:27:12 - The Presidential term
00:30:10 - President Bukele's understanding of Bitcoin
00:32:57 - Why classical economists dislike Bitcoin
00:34:18 - The World Bank announcement
00:37:30 - Meetings with the IMF
00:39:23 - The 90 day rollout strategy
00:40:13 - Article 7 requirements
00:46:55 - Any plans to hold Bitcoin in the reserves?
00:50:03 - Government wallets
00:53:52 - Altcoins
00:55:47 - When is this starting?
00:56:12 - Investing Bitcoin for permanent residency
00:58:32 - Favourable tax codes
00:59:26 - Mining with geothermal energy
The episode aired on June 23, 2021.