Documentary on Bitcoin as a legal tender: El Salvador – The Road to Bitcoin – In September 2021, El Salvador became the first country in the world to adopt bitcoin as legal tender.

El Salvador – The Road to Bitcoin (2021)
Genre: Documentary
Country: USA, El Salvador
Language: English
Narrator: Benjamin Lee
Music: Floating Home – Brian Bolger

Storyline:
Bitcoin and other cryptocurrencies have long been a topic of debate. Many argue about the pros and cons of these digital currencies. The introduction of bitcoin as legal tender fuels these discussions even more and makes them all the more present. Although it will take some time for its full impact to be felt. Bitcoin represents a potential solution to global poverty or the prevailing gap between the rich and poor. In September 2021, El Salvador became the first country in the world to adopt bitcoin as legal tender.

00:00 – Intro
02:06 – Nic Carter, Castle Island Ventures Co Founder
07:35 – Simon Chamorro, CEO Valiu
16:11 – Michael Sonnenshein, CEO Grayscale Invest
22:33 – Eddie Van Der Walt – El Salvador readies Bitcoin
25:21 – Brock Pierce, Entrepreneur & ormer Actor
28:49 – Mike Novogratz, Galaxy Digital Founder & CEO
40:42 – Aya Kantorovich, Head of Institutional Coverage FalconX
46:58 – Joe Weisenthal, Bloomberg News, Nic Carter, Castle Island Ventures Co Founder
58:32 – Charlie Wells, Personal Finance Reporter, „Buying The Dip“?
1:02:15 – The Construction of Bitcoin City

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El Salvador, a country without its own currency, has legalized Bitcoin as legal tender, even requiring businesses to accept Bitcoin as payment. This video discusses the following:
• What is legal tender?
• El Salvador has adopted dollarization, so it cannot earn seigniorage or use monetary tools to improve its economy.
• Bitcoin also does not provide seigniorage or monetary tools.
• Biggest drawback of Bitcoin is its volatility, which is a direct result of its inelastic supply.
• The benefits of being able to control the money supply are explained.
• The legal text of the new Bitcoin law is shown, which states that the exchange rate between Bitcoin and the US dollar will be established by the market, that prices may be expressed in Bitcoin, that taxes may be paid in Bitcoin, that Bitcoin exchanges will not be subject to the capital gains tax, but that businesses will still be required to use USD for accounting purposes.
• Although prices may be expressed in Bitcoin, no business will do so, because the price of Bitcoin itself constantly changes.
• Why Bitcoin cannot function well as money: its volatility prevents it from being used as a medium of exchange, a unit of account, or as a store of value.
• Even though taxes can be paid with Bitcoin, tax liability will still need to be calculated using USD, creating exchange risk for businesses.
• Why the United States dollar will continue to be the de facto legal tender in El Salvador.

LInks
11/6/2022 El Salvador’s Bitcoin ‘Revolution’ Is Failing Badly – Bloomberg
https://www.bloomberg.com/news/features/2022-11-04/el-salvador-s-bitcoin-revolution-is-failing-badly
3/19/2022. El Salvador’s Companies Barely Bother With Bitcoin. Companies say Bitcoin has had little to no impact on sales.
https://www.bloomberg.com/news/articles/2022-03-18/el-salvador-s-businesses-barely-bother-with-bitcoin-study-finds

El Salvador has become the first country in the world to adopt a cryptocurrency as legal tender.
Its congress approved a law allowing Bitcoin to be used for everyday transactions.
Supporters of the measure say the new law represents a vote of confidence in using blockchain technology to bring informal sector workers into a 21st century economy.

Al Jazeera’s Manuel Rapalo reports.

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#ElSalvador #Bitcoin #BitcoinLaw

Cointelegraph reporter Joseph Hall traveled to El Salvador to find out what it’s actually like to pay for goods and services there. Is Bitcoin a viable means of payment in the only country (so far) to adopt Bitcoin as legal tender? Go on a journey spanning cities, beaches, and volcanoes to find out.

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