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A week ago, Nayib Bukele opened his speech at United Nations General Assembly, saying: “I bring you greetings from the land of surf, volcanoes, coffee, peace, Bitcoin, and freedom.” Last year, El Salvador became the first country in the world to adopt Bitcoin as a legal tender. During this time there has been no shortage […]
The post The sole of money is trust first appeared on Daily Fintech.
Disruptive innovation such as Bitcoin is usually bottom up, with initial traction from people who are not concerned with legality. However for Bitcoin to become mainstream it does require some top down legislation; most people are concerned with legality. El Salvador and other jurisdictions making Bitcoin legal tender are giving the people some legal certainty. […]
The post Part 5. Bottom up innovation protected by top down legislation appeared first on Daily Fintech.
Quick recap; the Salvadoran Colon currency failed due to inflation, then they switched to the US Dollar and then they added Bitcoin as legal tender in 2021. El Salvador’s new Bitcoin law requires every trader who is technically able to do so to accept the cryptocurrency. People are also able to pay their taxes in […]
The post Part 4. Bitcoin is working for the people of El Salvador appeared first on Daily Fintech.
West is short for wealthy developed economies, historically mostly America and Europe but now also many in Asia ie East; it denotes mindset and wealth more than geography. Rest is short for Rest of the world. First the Rest then the West is a bit of fun rhyming with a serious idea that the flow […]
The post Part 1 Introduction to the idea of First the Rest then the West appeared first on Daily Fintech.
I think there will be two poles in a multipolar world based on two spheres of influence – the Chinese and American spheres. That is putting it in old fashioned nationalist terms. Another way it is being framed by America is freedom/democracy vs autocracy. China will frame it differently as wealth distribution vs wealth inequality. […]
The post Part 4 How many poles in a multipolar world? appeared first on Daily Fintech.
No single contender looks like an obvious fit: USA/USD is current reserve currency but no reserve currency lasts forever. Europe/EU is a weird mix of independent countries and a single currency. China/CNY is the emerging economic power but their currency is not fully convertible yet and not trusted in many parts of the […]
The post Part 3 A multipolar global reserve currency future? appeared first on Daily Fintech.
I believe that the future of Bitcoin will be written in El Salvador. That is why we have dedicated a 4-parter to Bitcoin in El Salvador in the past. If Bitcoin is a success for El Salvador’s people, many other countries will follow their lead. The stakes are now very high with Bitcoin becoming a […]
The post Part 2 what happens in El Salvador does not stay in El Salvador. appeared first on Daily Fintech.
Way back in 2014 (when Daily Fintech was born, Bitcoin was in a bear market (priced around $500) and the last time Putin ordered an invasion of Ukraine) I wrote My explorations down the Bitcoin rabbit hole. Although this is old analysis it is still relevant today and other people who are on the same […]
The post Part 1 Global reserve currency fundamentals appeared first on Daily Fintech.
We know how that is supposed to end after “then they fight you” but that is only one of 4 scenarios that could play out. First, let’s look at who is attacking El Salvador with words. A lot of people who should not care a damn about a country that represents 0.02% of global GDP, […]
The post Bitcoin in El Salvador Part 4. Then they fight you (first with words). appeared first on Daily Fintech.
El Salvador’s moves in bitcoin align to the main job job of an economy – to put money in the pockets of the people – in 3 ways: Tourism money. Bitcorati (people who made money from Bitcoin) want to have some fun when not talking crypto innovation and El Salvador has lots of fun things […]
The post Bitcoin in El Salvador Part 3. Voters call the shots with regulators leading to jurisdictional competition appeared first on Daily Fintech.