The president of El Salvador @nayibbukele is on Twitter spaces right talking about the Bitcoin bill that's about to pass

The government is going to create a Bitcoin wallet for merchants (opt-in, can use any wallet)

Accepting Bitcoin is a mandate by law…
Company balance sheets in Bitcoin, USD is only for accounting

Pay bank loans and taxes in Bitcoin, it's retroactive for previous agreements

90 days for the law to go into effect

Every business has to accept Bitcoin, cannot refuse the payment
Immigration law reform to make it easy for entrepreneurs come into the country and build

Government is putting up a trust fund to assume the risks of the merchants who accept Bitcoin

Businesses have to accept Bitcoin as payment but can convert it immediately to fiat
The government will be holding Bitcoin on their balance sheet (seperate law)

More laws to come to facilitate Bitcoin's usage in El Salvador

Permanent resistance if you invest 3 BTC in El Salvador !!! (Buy things)

Payments need to be in Bitcoin
Bitcoin will be a unit of account for goods and services (not in fiat)

Access to the internet legislation to come in the future, better infrastructure, government promoting this initiative
Meeting with IMF this Thursday to speak about the Bitcoin law

This bill will create jobs, take eventually to zero the fees for remittances (usually 30%)

16,000 listeners currently on the spaces call

Positive press for El Salvador after this news, attract taller to country
Believes it will be good for the US and the global economy, more campaigning and explaining to come

Not necessarily dedollarizing is the goal, but leverage Bitcoin to improve the country, helps having both USD and BTC

The president was a Bitcoin miner previously
President's brother called him a boomer lol

President sees shift in the vision of the future shifting from positive when he was a kid to negative over time

Sees Bitcoin solving a lot of problems in terms of inequality of the central banking system
Central banks choose where to allocate money and unfairly benefits some, Bitcoin helps solve some of these issues

Other countries are to follow, sees Bitcoin will create a positive future

Jack Dorsey is in the call now
The people can use any wallet they want, the government wallet is not forced upon anyone

Government option as a wallet developed by Strike

Work will be available for other countries

Money laundering is done in US dollars, the problem is not the currency, same with BTC
The main thing is not the wallet, but making Bitcoin a legal tender for goods and services

The automatic conversion of BTC to fiat is not done through Federal Reserve (which they already work with), it's the trust fund, government owns banks to do this work
If merchants are using the government wallet, they can accept Bitcoin but then get money deposited into their account

The government will buy the Bitcoin from the merchant, amount received is at time of sale, even if market price shifts

Takes away risk translate to government
The trust fund allows Bitcoin to be used as legal tender even for merchants that just want USD

Does not involve central bank or Fed, but just market making by the government trust fund

Not thinking of mining yet, but may promote it, has geothermal energy to use
They lose energy by transporting it to city, but going to incentivize factories near plants, not because of Bitcoin but it can work with Bitcoin miners for zero emmisons BTC mining

Not just a bill, but wants to prove this is good for the people, and see ripple effect
23,000 listeners, largest Twitter spaces stream I've ever seen

Domino effect of countries accepting Bitcoin as legal tender

Bill was inspired by work done by @Bitcoinbeach and @jack

Debate for the bill is ongoing
Oops meant @jackmallers
President joining was entirely organic saw tweets about it, beauty of social media

Almost 100% chance the bill will pass, just the opposition discussing, vote coming soon

The Mayor of the El Salvador and ambassador to the US, representative of central bank are in the call
Mayor of the capital* of El Salvador

Many politicians in call, president has 90% approval rate

Hold $150M in trust fund (not central bank reserves but government)

$150M dollars to buy Bitcoin from merchants, fill up trust with Bitcoin over time
This Bitcoin comes from the opt-out merchants who want fiat and not BTC, so the government will eventually have $150M of Bitcoin in development bank

$150M is not the total, an approximation, supported by countries soveirgn ability to get new money

Clearinghouse buying/selling
Constant amount of Bitcoin to manage the fund to keep fiat available and holding BTC

Five minutes away from voting !!

President is leaving, voting only takes a couple minutes
Multiple rounds of voting apparently, only 43 of 84 votes needed It sounds like

Floor is applauding

Vote has passed with supermajority !!

Absolutely surreal
There are some seriously large accounts in this call
The floor is applauding again, President's brother is on the floor and in call
Front page of the El Salvador paper shows the vote passing
Session is being closed and soon the Bill is off to the President's office to be signed, likely tonight
Call ended, this was an absolutely monumental event

El Salvador is the first Bitcoin native nation

Closer to global acceptance of Bitcoin as legal tender worldwide

Social media is overtaking MSM when large events happen

This is bullish for all crypto

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with ChainLinkGod.eth 2.0

ChainLinkGod.eth 2.0 Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @ChainLinkGod

10 Jun
1/ #DeFi yield opportunities for $LINK, a thread

With permissionless, compossible, and decentralized financial infrastructure, anyone can turn their tokens into productive assets

*NOTE* Nothing I describe here is risk-free, bug and hacks can happen, always DYOR before apeing Image
2/ The first yield opportunity is one of the newest on the street, @iearnfinance's V2 $LINK vault

This is a yield aggregation solution that automatically rebalances your funds into the DeFi protocols that earn you the highest yield on your assets, simple!
3/ If you're looking for a passive yield strategy, then this is what you're looking for

Yearn V2 vaults deploy a multi-strategy approach, where deposits are split across multiple yield protocols at the same time so as to not dilute yields once running at large scale
Read 25 tweets
10 Jun
1/ El Salvador classifying #Bitcoin as legal tender was a monumental moment

It sets the precedence that crypto can indeed be alternative to fiat and normalizes it as a tool of economic freedom

It's good for all crypto, here's how #Chainlink can help expand this even further Image
2/ Under this law, businesses are required to accept #Bitcoin if offered by consumers (and if they have the technical means to accept it)

However, businesses also have the option to automatically convert revieved Bitcoin into US dollars to manage their exposure risk Image
3/ The El Salvador government has created a $150M $USD trust fund that will purchase any #Bitcoin that businesses don't want, allowing for instant redeemability

This process and beyond will require the $BTC/USD exchange rate

You can probably see where I am going with this
Read 11 tweets
9 Jun
Today in #Chainlink 🔗

"@RequestNetwork has successfully integrated @chainlink, the market leading decentralized oracle network, to enable crypto payment for invoices denominated in fiat like US dollars or Euros"

OGs remember the connection…
"Integrating #Chainlink’s industry leading decentralized oracle network, @DFXFinance has access to high-quality, tamper-proof price feeds needed to provide up to date FX prices to enable the most efficient AMM for Forex swapping"

AMM #PoweredByChainlink…
"@curateproject havve sponsored a new #Chainlink Price Feed for $XCUR/ETH to ensure that NFT assets and services offered in the Curate NFT Marketplace can be priced in ETH yet purchased at current exchange rates using our native XCUR token"…
Read 5 tweets
9 Jun
Today in #Chainlink 🔗

"In the following tutorial, we showcase how developers can use @Chainlink oracles today to get high-quality data on-chain regarding residential real estate valuations"

Both @smartzip and @ProspectNow run their own Chainlink node 👀…
"We’re excited to announce that @devDeFi_BSC — a decentralized aggregate lending & borrowing protocol — has integrated #Chainlink Price Feeds on the #BinanceSmartChain mainnet"


"We are excited to announce that @0Chain, a high-performance decentralized storage network, will integrate #Chainlink, the industry-leading decentralized oracle network, as core infrastructure for connecting 0Chain to Ethereum & various other blockchains"…
Read 5 tweets
8 Jun
1/ #Chainlink Keepers open beta is now live on the Ethereum mainnet!

Chainlink is truly becoming the one stop shop for any and all decentralized services required to enable hybrid smart contracts


Let's dive in 👇…
2/ Keepers are essentially transaction automation bots for blockchain networks

They are crucial because smart contracts are not actually autonomous

The state of a contract can only change when it gets "poked/woken up" by an on-chain transaction or cross-contract interaction
3/ Chainlink Keepers ( is decentralized transaction automation service (starting with support for Ethereum but expanding beyond) that is far more reliable and cost-efficient than existing solutions

It is a new Chainlink Network decentralized service
Read 20 tweets
27 May
1/ Some clarity on #Chainlink and @arbitrum

TL;DR At launch $ETH will be used at the protocol level for transaction fees and bond from validators, while $LINK will be used at the app level to pay for oracle services such as Price Feeds, verifiable randomness, & L2->L1 messages
2/ An important note: Ethereum (settlement layer), Chainlink (oracles), and Arbitrum (L2 rollup) are entirely complementary technologies, each is an important piece of the puzzle that will allow for the growth of the #DeFi ecosystem at scale

Each component is needed
3/ Starting with Arbitrum's current developer documentation

$ETH will be the medium of exchange that users pay for transactions fees and is the currency staked by validators who post fraud proofs…
Read 23 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!