Since I arrived in El Salvador In August, I have spent most of my time talking to Salvadorans about their experiences with Bitcoin, and how they see adoption progressing over time. But it is Western expats who see the most potential for Bitcoin to transform this Central American economy over the next decade. They see the nation as similar to Singapore 40 years ago, with Bitcoin serving as the catalyst for future domestic economic growth.
I spoke with Fran Stajnar, an early Bitcoin adopter from New Zealand, about his ambitions to create new ways for retail investors to get exposure to the Salvadoran economy. Fran previously started a digital asset investment fund called “Techemy.Capital” and moved to the Salvadoran beach during the pandemic. He currently is working on a Salvadoran ETF to democratize access to investing in the country and aims to channel Western capital into Salvadoran companies. He views Bitcoin as the first instance of the separation of money and state, and posits this could lead to a change in mindsets very similar to the separation of church and state that led to the Renaissance.
Jonathan Martin is a graduate of Stanford University, Georgetown University, and a student at The Wharton School, currently on leave immersing himself in the world of Bitcoin in El Salvador. See his other diaries entries here.
El Salvador has become one of the primary destinations worldwide for passionate Bitcoiners, Stajnar says. Many view their home countries in the West as being overly restrictive and authoritarian, especially in response to COVID-19. El Salvador, to him, represents freedom, and the opportunity to live untethered from the politics of Western governments.
In this era of fiat debasement, Stajnar believes that El Salvador is a beacon of hope for other countries. Investors across the world are starting to consider the counter party risk involved with holding assets in Western countries that are potentially at risk of a future sovereign default. Meanwhile, the BRICS nations are building an alternative system, pushing a global trend toward de-dollarization (though they insist that they are not junking the dollar just yet). Drip, drip, drip, flood.
Read more: Jonathan Martin – The Bitcoin Circular Economy Battles Entrenched Mindsets in El Salvador
Currently, the Salvadoran…
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