The Capitalist Investor - Episode 92

The Iceman and Diamond Hands D discuss the recent launch of Bitcoin as the national currency of El Salvador. The launch of Bitcoin as a national currency had a very rocky start but still took Bitcoin a step closer to full adaption. Mark and Derek also discuss what this means for Bitcoin and other cryptocurrencies in the future. Finally, what other applications lie ahead for blockchain technology, and when can we stop carrying a wallet!?

One would think that El Salvador coming out and saying that they were going to accept Bitcoin as a legal currency would be good, right? Shouldn’t it also be good for crypto? Bitcoin did not respond positively to that news.

Countries like El Salvador adopting Bitcoin as a currency and potentially even their national currency makes a lot of sense, at least in theory. We need to be watching to see if other countries in Latin America, who are also all very similar sociologically and financially, start adopting the same ideas. How hard will the U.S. fight against it with the dollar being the reserve currency of the world? If we don’t need the dollar as the reserve currency, because any currency can be readily converted into crypto, we lose our advantage.

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