It’s time to check with El Salvador. Their Bitcoin experience is well advanced and it is already showing results. Are these results positive or negative? Be the judge of it. We’re just going to present the facts, tweets, and photos. Can you believe everything the people we quote are saying? Of course not. Everyone has an agenda. However, a clear picture emerges. And it’s only been a month and a half since Bitcoin became legal tender.
Related reading | News from El Salvador, early July: Bukele, El Zonte and the ATM factory
Anyway, let’s get into it.
BTC price chart for 10/18/2021 on Bitstamp | Source: BTC/USD on TradingView.com
Government officials and official statistics
- President Bukele has announced that they will build a massive pet hospital with the country’s BTC revenues. He quickly clarified where these profits were coming from, “By the way, we don’t sell any BTC, we use the USD part of the trust because the BTC part is now worth more than when the trust was established.“Check the model:
– Nayib Bukele (@nayibbukele) 10 October 2021
- El Salvador’s technological and economic international affairs advisor was in Dallas, chatting with another ATM maker BTC, trying to bring business to her country.
– Monica Taher ⚡️🇸🇻 (@monicataher) October 11, 2021
- Everyone’s favorite Bitcoin denier, economist Steve Hanke, cites a suspicious investigation. Immediately, “What Bitcoin Did’s” Peter McCormack uses the figures from the survey to turn the tale on its head. Who won the stage? Nobody, because the statistics come from an NGO affiliated with the Salvadoran opposition.
* BREAKING NEWS * – 12.1% of Salvadorians have used #bitcoin for an operation.
The law passed only 5 weeks ago, this is what adoption looks like. https://t.co/6t1dW9t0Zp
– Peter McCormack (@PeterMcCormack) October 11, 2021
- On the other hand, President Bukele claims Salvadorans buy more Bitcoin than they withdraw dollars. Unbelievable. However, can we believe these statistics? The Chivo ecosystem is fully controlled by the government. There are no third party observers to confirm all of this.
And if we add the remittances (almost $ 2 million per day), the incoming USD QUADRUPLE the outflow.
It’s very surprising so early in the game.
– Nayib Bukele (@nayibbukele) October 7, 2021
What’s going on in San Salvador?
- Is this the first motorcycle purchased with a Bitcoin transaction in El Salvador? We wouldn’t know. This is the first purchased with a documented transaction, however. Here is the documentation:
– Satoshis_Dragon 🌋🇸🇻🗺️ (@Satoshis_Dragon) 12 October 2021
- Street vendors are already accepting Bitcoin. Sure, the controversial article 7 say that “every economic agent must accept bitcoin as a means of payment. “However, street vendors exist outside the law.
– Andrés Alcalá (@aalcalars) 12 October 2021
- Currently, you need a Strike account to receive Twitter tips through the Lightning Network. This means that only Salvadorans and Americans are eligible. If you’re one of those two groups, here’s a handy guide on how to activate the feature.
– Darvin Otero ️🌋🇸🇻 (@aveotero) October 8, 2021
- In about a month, the Adopting Bitcoin Lightning Summit will take place in San Salvador and El Zonte. Here, organizers report that a mid-sized Latin American bank has bought tickets for early birds. Using the Lightning Network.
Little by little, then suddenly. pic.twitter.com/fY0HwIUSg6
– Adopting Bitcoin (@AdoptingBTC) October 9, 2021
- In a side event to the conference, famous Bitcoin maximalist Max Keizer will host one of his comedy shows at El Zonte. What can the community expect? Something similar to that, probably.
– ️ BITCOIN MAXIMALIST (@maxkeiser) October 15, 2021
What is happening at El Zonte AKA Bitcoin Beach?
- On a typical Saturday at Hope House, the community is ready to learn.
– Roman Martínez🇸🇻⚡️ (chimbera) (@romanmartinezc) October 16, 2021
- This time the sat recipient is Christina, a local entrepreneur from El Zonte. She sells “only natural soaps that she made by hand in her homeAnd secured the economic support of the community for his business.
Time for some #bitcoin charity.
Consider donating a few sats to Christina so that she can grow her business.
– Nakadai. 王 ∞ / 21M🔱🦁🛡️🏯📿 (@Nakadai_mon) October 9, 2021
Related reading | News from El Salvador, early October: the stress test of the Chivo ecosystem
- Brazil caught the virus from Bitcoin Beach. An independent project, unrelated but inspired by the original, saw the light of day in Jericoacoara, Ceará. They describe the project as “build a Bitcoin economy using Lightning Network. Inspired by Bitcoin Beach, optimized for Brazil. ”
– What did Bitcoin do (@WhatBitcoinDid) October 13, 2021
Are we going to write a “News from Brazil” section soon? One can only hope.
Featured Image extracted from this tweet | Chart by TradingView