🎙️ My guest today is Mike Peterson, the director of “Bitcoin Beach”, a project creating a sustainable Bitcoin Economic ecosystem on the coast of El Salvador by bringing financial inclusion and opportunities to the most marginalised in the population.
In this conversation, Mike shares his journey of moving to El Salvador and his efforts to integrate Bitcoin into the local community. He discusses the challenges faced, particularly during the early days, and how these circumstances accelerated Bitcoin adoption. Mike highlights the shift in savings consciousness among the locals and the growing acceptance of Bitcoin beyond the small community of El Zonte. He also addresses the impact of tourism and the viral effect of Bitcoin initiatives in other regions. We touch on the IMF's stance on El Salvador's Bitcoin adoption and end with an invitation for others to visit and experience the transformation of El Salvador.
This episode is also on Twitter, Spotify, Fountain, Rumble and more.
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We talked about:
00:00 Coming Up…
00:37 Introduction to Mike Peterson and El Salvador
01:39 The beginning of Bitcoin Beach
06:41 Impact of COVID-19 on El Salvador
08:59 Bitcoin adoption in Bitcoin Beach (El Zonte)
11:59 Bitcoin adoption in El Salvador
14:51 Viral effect of Bitcoin initiatives
18:13 Why does Mike work in Bitcoin
20:12 IMF's stance on El Salvador's Bitcoin adoption
23:51 Final thoughts and encouragement to visit El Salvador
My takeaways:
Mike Peterson moved to El Salvador initially for a surf trip.
The community faced high crime rates.
Bitcoin was introduced to incentivize community involvement and education.
The local culture of savings began to change with Bitcoin adoption.
Bitcoin is now widely accepted in El Zonte, with many businesses participating.
Tourism has increased significantly due to Bitcoin's adoption in El Salvador.
Mike emphasizes the importance of decentralized community initiatives.
The IMF's criticism of El Salvador reflects their fear of losing control.
Mike Peterson encourages people to visit El Salvador to witness the transformation.
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