Thread by @TheBitcoinConf

"Today, we're going to talk about Bitcoin for countries." -Jack Mallers

#Bitcoin2021

@ln_strike @JackMallers "Inflation is not distributed equally." -Jack Mallers

@ln_strike @JackMallers "I want to have a family someday. I want that family to have a house that I own, that's my property... Unless I'm getting a 10% raise, every single year, I'm getting no fucking chance of owning a house." -Jack Mallers

@ln_strike @JackMallers "Central banks are increasingly taking actions that may cause harm to the economic stability of developing countries and emerging markets." -Jack Mallers

@ln_strike @JackMallers "We're facing unprecedented times... that we haven't seen for a century." -Jack Mallers

@ln_strike @JackMallers "Hidden inflation causes rising rates and it crushes emerging markets." -Jack Mallers

@ln_strike @JackMallers "This is real and it's happening now and it's really scary." -Jack Mallers

@ln_strike @JackMallers "The effects from major countries' policies will hit emerging countries economically and financially and it's a huge, huge problem." -Jack Mallers

@ln_strike @JackMallers "We now have an asset class that has a fixed supply and the issuance of that is known. It was known when the asset was issued first. The monetary policy is set and protected by a distributed network." -Jack Mallers

@ln_strike @JackMallers "it's open, it's global, it's permissionless... This network carries no bias.... It improves things like remittance... it lowers transaction costs and ultimately improves transaction scalability and financial inclusivity." -Jack Mallers

@ln_strike @JackMallers "[Strike] wants to make cross-border payments free... El Salvador is a great example. It's a country that uses the dollar because in a civil war it lost it's own currency. It's a country where over 20% of GDP is remittance." -Jack Mallers

@ln_strike @JackMallers "If you can fix the money, you can fix the world. This is all about helping those that need it. And I went [to El Salvador] and I lived there. I lived there for almost three months. I tried to collect a remittance payment, I couldn't do it." -Jack Mallers

@ln_strike @JackMallers "I told them, 'Bitcoin's here, we got this.' We did something amazing here [in El Salvador]. We were onboarding 20,000 El Salvadorans a day, most of them didn't have bank accounts." -Jack Mallers

@ln_strike @JackMallers "Remittance was free, remittance was instant. Lightning Network works, in real time, we were improving the GDP of the country." -Jack Mallers

@ln_strike @JackMallers "Over 70% of the active population of El Salvador doesn't have a bank account. They're not in the financial system." -Jack Mallers

@ln_strike @JackMallers "They asked me to help write a plan and that they viewed bitcoin as a world-class currency and that we needed to put together a Bitcoin plan to help these people." -Jack Mallers

@ln_strike @JackMallers President of El Salvador, now speaking in video message Nayib Bukele:

@ln_strike @JackMallers "Next week I will send to congress a bill that will make bitcoin a legal tender." -Nayib Bukele

@ln_strike @JackMallers "Central banks are increasingly taking actions that may cause harm to the economic stability of El Salvador." -Nayib Bukele

@ln_strike @JackMallers Text from bill: "El Salvador has become the first country to make Bitcoin legal tender." Nayib Bukele

@ln_strike @JackMallers Mallers said he would launch an open-source guide to the process called Bitcoin For Countries.

bitcoinmagazine.com/business/el-sa…

@ln_strike @JackMallers "We've got a lot of work today, but I hope today you find solace in helping those who haven't been helped in 250 years" -Jack Mallers

@ln_strike @JackMallers "I fucking love you guys man, I'm so proud of everyone in this room!" -Jack Mallers