We Study Billionaires - The Investor’s Podcast Network BTC081: Bitcoin Legal Tender & International Adoption w/ Mike Peterson
Jun 8, 2022
Mike Peterson, founder of Bitcoin Beach, shares his journey in promoting Bitcoin as legal tender in El Salvador. He discusses the startup challenges of Bitcoin Beach and the community's rapid adoption of cryptocurrency. Peterson highlights his encounters with central bankers during an international summit and their thoughts on Bitcoin's potential. He explores the transformative social projects underway, including Bitcoin-based housing initiatives and financial education, all aimed at empowering the local population and setting a precedent for global adoption.
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Bitcoin Beach Origin
- Mike Peterson's involvement with Bitcoin Beach started with a desire to help the local El Zonte community.
- The initial Bitcoin donation with the stipulation to use it as currency sparked the idea of a circular economy.
Targeted Bitcoin Distribution
- Target specific demographics with initial Bitcoin distribution, like families with young children or those in need.
- Offer Bitcoin as payment for community service to foster a sense of earning and productivity.
FOMO and Bitcoin Adoption
- Early adoption by a few key businesses combined with the fear of missing out (FOMO) drove wider acceptance of Bitcoin.
- Observing the success of early adopters encouraged other businesses to join the Bitcoin economy.