Bitcoiners are visiting El Salvador to speak with its most powerful people. Here's what they're discussing.
In less than 80 days, El Salvador will become the first country to declare as legal tender. To help advance this controversial plan, Bitcoin's flag-bearers have visited the country to speak with politicians, help the El Salvadorans and eye a profit.
British Bitcoin podcaster Peter McCormack, for instance, traveled to El Salvador to document the new Bitcoin law. He was invited to create a film about El Salvador’s Bitcoin law by Jack Mallers, whose company, Strike, is piloting Bitcoin payments technology that cuts costs for Salvadoran emigrants sending money back home.
For at least a month, McCormack trailed Mallers with a film crew to document the experiment. Remittances make up 20 percent of the Latin American country’s GDP, and Mallers is confident that with Bitcoin, Strike can cut transaction fees to near-zero. If it works, Strike could bring the technology to other countries. If it fails, El Salvador could continue hurtling into debt.