Time to check back with El Salvador. Their Bitcoin experiment is well underway, and it’s already showing results. Are these results positive or negative? You be the judge of that. We’ll just present the facts, the tweets, and the photos. Can you believe everything the people we’re quoting say? Of course not. Everyone has an agenda. However, a clear picture is emerging. 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 Stats
- President Bukele announced that they’re going to build a gigantic pet hospital with the country’s BTC earnings. He quickly cleared up where those profits came from, “By the way, we’re not selling any BTC, we’re are using the USD part of the trust, since the BTC part is now worth more than when the trust was established.” Check the mockup out:
— Nayib Bukele 🇸🇻 (@nayibbukele) October 10, 2021
- El Salvador’s Technological & Economical International Affairs Advisor was in Dallas, talking with yet another BTC ATM manufacturer, trying to bring its business to her country.
— Mónica Taher ⚡️🇸🇻 (@monicataher) October 11, 2021
- Everyone’s favorite Bitcoin-denier, economist Steve Hanke, quotes a suspicious survey. Immediately, “What Bitcoin Did’s” Peter McCormack uses the survey’s numbers to flip the narrative. Who won the scene? No one, because the stats come from an NGO affiliated with El Salvador’s opposition.
*BREAKING NEWS* – 12.1% of Salvadorans have used #bitcoin for a transaction.
The law only passed 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 that Salvadoreans are buying more Bitcoin than they’re withdrawing Dollars. Incredible. However, can we believe those stats? The Chivo ecosystem is completely government-controlled. There are no third-party observers to confirm any of this.
And if we add remittances (almost $2 million per day), the incoming USD QUADRUPLES the outflow.
This is 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 bought with a Bitcoin transaction in El Salvador? We wouldn’t know. It’s the first one bought with a documented transaction, though. Here’s the documentation:
— Satoshis_Dragon ⚡💧🔴 🌋🇸🇻🗺️ (@Satoshis_Dragon) October 12, 2021
- Street vendors are already accepting Bitcoin. Of course, the controversial Article 7 says that “every economic agent must accept Bitcoin as payment.” However, street vendors exist on the edge of the law.
— Andrés Alcalá (@aalcalars) October 12, 2021
- Currently, you need a Strike account to receive Twitter Tips via the Lightning Network. That means only Salvadorans and Americans are eligible. If you’re among those two groups, here’s a handy guide on how to activate the feature.
— Darvin Otero ⚡️🌋🇸🇻 (@aveotero) October 8, 2021
- In roughly a month, the Adopting Bitcoin Lightning Summit will take place in both San Salvador and El Zonte. Here, the organizers announce that a middle size Latin American bank bought early bird tickets. Using the Lightning Network.
Gradually, then suddenly. pic.twitter.com/fY0HwIUSg6
- In a parallel event to the conference, notorious Bitcoin maximalist Max Keiser will host one of his comedy shows in El Zonte. What can the community expect? Something similar to this, probably.
What’s Going On In El Zonte AKA Bitcoin Beach?
- On a typical Saturday in the Hope House, the community is ready to learn.
— Roman Martínez🇸🇻⚡️ (chimbera) (@romanmartinezc) October 16, 2021
- This time, the sats recipient is Christina, a local El Zonte entrepreneur. She sells “only natural soaps she made by hand out of her home” and got the community’s economic support for her business.
Time for some #bitcoin charity.
Consider donating a few sats to Christina so she can grow her business.
— Nakadai.王∞/21M🔱🦁🛡️🏯📿 (@Nakadai_mon) October 9, 2021
Related Reading | News From El Salvador, Early October: The Chivo Ecosystem’s Stress Test
- Brazil caught the Bitcoin Beach bug. An independent project, not related but inspired by the original, popped up at Jericoacoara, Ceará. They describe the project as, “building a Bitcoin economy using Lightning Network. Inspired by Bitcoin Beach, optimized to Brazil.”
Will we be writing a “News From Brazil” section soon? One can only hope.
Featured Image extracted from this tweet | Chart by TradingView