Thread by @ChainLinkGod

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
twitter.com/i/spaces/1ypJd…

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

https://twitter.com/elsalvador/status/1402507585807433728?s=19

https://twitter.com/elsalvador/status/1402506629690576897?s=19

62 out of 84 votes for the bill!

https://twitter.com/nayibbukele/status/1402507224916836352?s=19

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