The President of El Salvador is now in @nic__carter 's Spaces room
Nayib mentioned that he has already been in contact with the US Government and the IMF
Nayib: "[It should pass with near-100% certainty within 30 minutes.] It becomes law on Wednesday."
"We're gonna do a government wallet for out merchants. So anybody can opt to use it. Accepting #Bitcoin is gonna be a mandate."
"The government is gonna put up a trust fund [to provide liquidity for the people to exchange between #Bitcoin and USD and help remove the volatility risk between this exchange]"
"I have a meeting with the IMF on Thursday. They should be happy about this. I'm sure it's gonna be good for everybody."
"In 2001 when the country was dollarized, the argument was that the US Dollar would help stabilize the economy because the dollar would be less volatile. Now #Bitcoin will be this on steroids."
"It's gonna help having both currencies as legal tender."
"Why do we have to resign ourselves to a dystopian future when we can build our future? There's a lot of inequality that comes from the central banking system. #Bitcoin is technology, it's the future. We want to support it and also demonstrate that the world can benefit from it."
"El Salvador will become a symbol of what #Bitcoin can do."
@jack has joined the room
"The El Salvadorean government #Bitcoin wallet will be developed with @ln_strike."
"It's not like we're gonna be exchanging with the Federal Reserve. We actually import our paper dollars newly minted. They come here, they are printed for us. So we actually have a very good relationship with the Fed. But the convertibility between USD and #Bitcoin will be
done directly with our government trust fund that will hold both USD and #Bitcoin to make these transactions as seamless and non-volatile as possible. The trust fund will absorb the risk of volatility, whether losses OR gains."
"This doesn't involve the Fed or even our own central bank. This will be done with our trust fund."
"A lot of people are probably going to attack this. I'm gonna focus on having this project succeed so we can have a strong system working here and probably it will create a domino effect."
"I know we're doing the right thing, there's so many smart people fighting for this and I'm sure it's gonna be great for everybody. We're learning by the minute and seeing things happening by the minute."
"We're gonna hold at least $150,000,000 USD in the trust fund. I know that's not a huge sum but for us it's quite considerable. This USD is going to pay for the #Bitcoin that the users will be transacting with *as they use it* at market value at the times of transaction."
Karim, Nayib's brother: "The bill passes with supermajority."
Nic Carter: "My personal view is that Colombia is next."

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More from @chowcollection

10 Jun
I'm recording Saylor on Hannity. Stay tuned.
OK my video was bugging out, so I will post a transcript below:
Hannity: You've been hearing and reading all about #Bitcoin and cryptocurrency, and I'll admit up front: I have been studying this, debating this with friends for probably hundreds of hours, this entire phenomenon. I honestly still do not understand a lot about it. I've recently
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9 Jun
"The purpose of this law is to regulate #Bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out. What is mentioned in the previous paragraph does not hinder
the application of the Monetary Integration Law. The exchange rate between #Bitcoin and the United States dollar, subsequently USD, will be freely established by the market. Prices may be expressed in #Bitcoin. Tax contributions can be paid in #Bitcoin. Exchanges in #Bitcoin will
not be subject to capital gains tax, just like any legal tender. For accounting purposes, the USD will be used as the reference currency. Every economic agent must accept #Bitcoin as payment when offered to him by whoever acquires a good or service. Without prejudice to the
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21 Dec 20
.@michael_saylor calls this analysis by @saifedean "Unique, seminal, brilliant":

"It's why everybody is in debt, because every time you get into debt, you're allowing somebody else to mine fiat, effectively. So if you want to buy a house for $1 million with cash—that's one thing
but then if you take the cash from a bank, well the bank gets to create $100,000 or $200,000 or $300,000 of new fiat out of this process. So, they're gonna give you a better deal on it than if you buy it with cash, and that's why you get into debt for your house and for your
business, and for everything. You know, individuals and corporations and governments—everybody is up to their eyeballs in debt because getting into debt is mining fiat. So I think this might be the most vivid way in which #Bitcoin fixes the world, this might be the most powerful
Read 11 tweets
18 Dec 20
If you run a Bitcoin podcast, I'd like to do a full typed transcript of your personal favorite episode for free!

Hit me up, eventually I'll have to decline offers for lack of time 😂
Some episodes I've transcribed in the past:
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