Economist Podcasts

Bitcoin of the realm: El Salvador’s experiment

Sep 7, 2021
Alice Fullwood, Wall Street correspondent for The Economist, provides fascinating insights on El Salvador's bold move to adopt Bitcoin as legal tender. She discusses the government's hopes to boost financial inclusion and attract foreign investment, while many citizens remain skeptical. The episode also touches on the cultural pressures surrounding education and the extreme measures parents take for their children's success, reflecting broader societal challenges. Additionally, it briefly explores themes from Sally Rooney's latest novel and the complexities of modern literary evaluation.
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ANECDOTE

Store Owner's Hesitation

  • Carolina Zavala, a store owner in San Salvador, isn't ready for Bitcoin's adoption.
  • She's waiting to understand it, just like she did with the US dollar 20 years ago.
ANECDOTE

Early Bitcoin Adoption

  • Adela Avendaño, who runs a store outside San Salvador, has been accepting Bitcoin for months.
  • She primarily sells to foreigners familiar with cryptocurrency.
INSIGHT

Bukele's Bitcoin Rationale

  • El Salvador's President, Nayib Bukele, is pushing for Bitcoin adoption as legal tender.
  • This move aims to attract foreign investment, reduce transaction costs, and increase financial inclusion.
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