Cryptocurrencies – The future of money? | DW Documentary
For some, cryptocurrencies are a dangerous bubble. For others, they represent the future of money. But what are the actual uses – and risks — of cryptocurrencies? This documentary explores how crypto is altering global financial architecture.
Since its inception, Bitcoin has evolved into a digital global currency that is challenging the existing financial system. The international availability and rapid increase in the value of Bitcoin attracted many to join this game of chance. The President of El Salvador even adopted Bitcoin as his nation’s official currency. However, most governments have positioned themselves against cryptocurrencies that aren’t regulated by states.
The European Central Bank is predicting Bitcoin’s imminent demise. At the same time, the ECB also recognizes the need for digital money in a world that’s so reliant on the Internet. The digital Euro, for use as a payment method via Smartphone, is expected to be available soon. This documentary by Tom Ockers and Ulrich Stein explores how cryptocurrencies are altering global financial architecture. They hear from profiteers and victims, supporters and critics of the new digital currencies.
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It’s somebody’s Freedom it’s somebody’s Liberty it’s somebody’s silent protest it has been hijacked in large part by opportunists uh con artists right Scammers Bitcoin can be money the way gold is but that doesn’t mean Bitcoin is a Currency Society is worse off in every regard if we have a new speculative Bitcoin bubble than it would be if the whole craze [Applause] passed On the North Pacific in Central America lies the small town of Elon El Salvador the waves draw Surfers from around the world but these Picture Perfect moments only Capture One reality home to 3,000 residents Elon is one of the poorest places in the country but its street food is famous
The national dish is called papusa they’re sold on on nearly every street corner for just a couple US dollar Maria agir accepts virtual money as payment via a smartphone app customers can pay with Bitcoin the world’s oldest Cryptocurrency I was a little worried to accept payment in Bitcoin because it’s a virtual currency that’s not widely known but it’s been 2 years and I’m still taking Bitcoin at first the decision paid off for Maria agir the value of Bitcoin shot up to $60,000 but then within just a few
Months it lost more than 2/3 of its worth now Maria and some 50 fellow retailers can only hope the trend reverses Bitcoin can theoretically be exchanged for dollars or Euros at any time in fact holding on to this virtual currency rather than exchanging it can be a significant gamble because the crypto Market is highly volatile short-term fluctuations happen frequently where its value will dip or surge more than 10%
It’s a risk some retailers in Elon are willing to take they pay and do business in Bitcoin but they don’t exchange their crypto assets into Dollars hoping that its value will rise Maria agir is one of them but at the end of 2022 things weren’t looking so
Good I’ve had losses but I hope to recover them soon since then the value of Bitcoin did rise again welcome news not only for Maria a social Bitcoin project in Elon is financed through crypto donations the project is geared towards preventing young people from turning to Crime gangs
And murder are a feared part of everyday life in Elon Hope House gives young people in the community the resources to get a better start in life the charitable initiative offers educational courses recreational activities and job Opportunities in 2017 and 2018 many people had to suspend their support for this project due to various difficulties but at the same time there were newcomers who wanted to help they used Bitcoin the identity of the donor who offered funding to Jorge balenzuela remains a big mystery all that’s known is that the
Person was based in the US even the initiator of the nonprofit Bitcoin beach in El Salvador says he doesn’t know who was behind the donation I mean it was a a six- figure sum over over a number of years that was injected into the community um in in
Dollar terms and so it was you know definitely something that was substantial the donor was looking for was not just to give Bitcoin to a project where they would you know convert it to Dollars which is what most nonprofits would want to do that’s the easiest thing to do but they were
Looking for projects that were willing to use Bitcoin in a transactional way and they believed uh that Bitcoin being used would actually be more important than the monetary value of it it’s been more than 3 years since the project got underway those involved say there’s been less crime plus many
Residents are now living with sturdier roofs over their heads Renato Salasar helped fund the new construction with Bitcoin on behalf of multiple donors but now the families need to pay off their loans in Bitcoin Too and as you can see is concrete right so22 safe and stable homes in place of flimsier 10 roofed houses for 12 2 families not an insignificant number considering Elon only has a population of 3,000 the community members don’t only Mix Concrete they also learn how to pay in Bitcoin via their Smartphones they don’t have bank accounts they don’t have access to any Financial system here any Financial program they don’t have access to loans they don’t have access to insurance they don’t have access to anything right so it would have been impossible for them to get a home like
This Elon is considered a test case for the future of money no matter one’s Capital everyone here rich or poor can conduct business within a decentralized system no dollars no banks no Bank Notes is Bitcoin a better and more ethical type of money can it replace standard currencies could it help alleviate the pressure on the world’s poorest populations there are many influencers and Advocates who back Bitcoin are they doing so in the name of economic Justice they’re doing it because they’re trying to make the world a better place they truly believe that Bitcoin is good for people and honestly I understand that argument there are many legitimate reasons why Bitcoin can be Positive Frankfurt is Europe’s banking Capital here the development of cryptocurrencies isn’t perceived as positively the European Central Bank or ECB is especially critical of Bitcoin at the end of 2022 the ECB published a blog post lambasting Bitcoin it was regarded as something of a declaration of war the authors
Classified Bitcoin not as an innovation but as a speculative bubble and wrote that Bitcoin is taking its last stand while investors stubbornly hang on one of the authors is ulish bai if we have a new speculative Bitcoin bubble Society is worse off than if the whole craze
Passed for the ECB the idea of creating money without its oversight is simply Unthinkable it alone has the right to print the cash it deems necessary it opposes circumventing Banks to transfer money because that weakens the role of banks with its independence and Global reach Bitcoin is a nightmare for
Authorities especially considering the speculation on its increase in value Bitcoin Bitcoin is not suited as a means of payment because its value is highly unstable and a means of payment should not double as a speculative investment both these factors come together here and people are being wooed with a
Positive narrative that the price of Bitcoin will continue to Rise every Bitcoin transaction is stored as a code on what’s called a blockchain what’s unique is that the entire blockchain is stored identically on a network of thousands of computers this is what makes Bitcoin a decentralized currency outside the control of the ECB or other Banks Bitcoin was created in 2008 and
Outlined in this paper authored by Satoshi Nakamoto the author’s real identity is unknown it’s not even clear if there’s just one person behind Bitcoin or several people the first Bitcoin cost just 0.06 in 2021 bitcoin’s worth shot up to over 58,000 a 5cent investment early on would have equaled about5 million 11 years later at least briefly the total amount
Of Bitcoins will be capped at around 21 million it’s stipulated in the source code that there won’t be any more beyond that which is why many people believe scarcity will drive the price up while leaders at the European Central Bank regard Bitcoin as highly speculative researchers at the nearby
Frankfurt School of finance and management take a very different stance just because Mr B works for the European Central Bank doesn’t automatically mean he’s right only time will tell I honestly find it rather puzzling that the ECB has opted to run a PR campaign against Bitcoin in my view Bitcoin is
Not necessarily an enemy of the Euro the researchers don’t regard Bitcoin as a traditional means of payment they see it as more of an investment similar to investing in gold hoping that its value will increase over time the researchers don’t believe Bitcoin will function as money on a global
Scale this a relatively High volatility with Bitcoin one day the price is through the roof the next it takes a nose dive it’s impossible to establish prices that way plus it’s not accepted widely enough when you dine out or fuel your car you can pay in euros anywhere
Paying with Bitcoin is rarely an option but a recent development could work in crypto’s favor one of the main objectives of the European Central Bank is to prevent High inflation and lately it hasn’t been succeeding everything is becoming more expensive the value of money is falling if this stretches on year after
Year we’ll see that certain groups in society will face considerable challenges as costs go and while wages for example don’t and I think the importance of Bitcoin will grow during the same Period very few businesses in Europe accept Bitcoin critics say cryptocurrency enables cyber Crime buying goods and services in the mainstream economy is is very difficult using a cryptocurrency um and so uh the main use case for purchasing goods and services using cryptocurrency is illegal activity for the most part so whether it is something like ransomware uh or you know
Buying uh drugs or uh you know maybe you want to hire Hitman then yeah Bitcoin is fantastic for that purpose that’s one reason why most lawmakers don’t want to see free trade happening in cryptocurrencies at All large regulated crypto exchanges are meant to oversee Bitcoin transactions thereby deterring criminals customers identities must be verified before they can buy Bitcoin and profits can be taxed customers receive an account known as a wallet if they exchange Euros for Bitcoin for example those assets end up in their
Wallet this is the point where the state has access where depositing euros into the crypto exchange and which wallet are the Euros coming out of and if the state has the feeling there’s a fraudster in the mix it can approach the crypto exchange and say dear crypto exchange
Does Mr X or Miss y own Bitcoin if so please share their wallet details we need to see what’s going on Los Angeles in California defying Norms is the norm many here love cryptocurrency because it aligns with their policy IC freedom and independence from the state are core Bitcoin values
It plays on contrasts Outsiders versus The Establishment Rich versus poor new versus old hey babes multiple Bank stocks were on a global scale not just in the US and the apparently there’s madic drama this two crazy things happened in crypto last night here’s what you need to know and
One of them could involveed Justus in fomc update boxing and Bitcoin have a lot in common at least according to one of the world’s most successful crypto influencers they’re both charged with symbolism to go your own way you’ll have to fight for it it’s about The Underdogs
And having control of your actions and using critical thinking change is coming but this romantic idea of a crypto Utopia is unraveling in 2022 several crypto apps and exchanges plunged users into Financial ruin the biggest Scandal of all was the bankruptcy of FTX the crypto exchange founded by Sam bankman freed he was
Accused of stealing billions from customers in November 2023 a New York Court convicted him he was found guilty on seven counts of Fraud and conspiracy I’m not discounting Sam he did absolutely terrible things very very bad things he lied he stole um he practiced unethical behaviors but at the
Same time we have Bad actors in every single industry and we’re going to continue to have Bad actors in crypto it’s unfortunately human nature but to sit and to single him out and not pay attention to what some of the other bankers and what the other public
Servants are doing would be a disservice to the American people and people in general in the world before being convicted bankman freed lived here with his parents on a bail bond of $250 million his situation not unlike those faced in major bank failures that collapse is like so many other financial
Institution collapses that we’ve seen o over the years right you have effectively an entity that is heavily reliant on on Leverage which is placing big bets uh and then covering over those Bets with with more bets and anytime you have an institution which is is debt financed they’re going to run into some
Trouble in the US unregulated crypto exchanges long dominated the market No Authority felt responsible for cryptocurrencies such as Bitcoin or the number two cryptocurrency ethereum you have around 8 million holders of Bitcoin and ethereum in Germany and there are only I’m saying that in quotes 20,000 FTX victims this
Shows that regulation has had a positive effect here I would argue regulation is necessary and long do in America to prevent further damage many feel the temptation to make big money with Bitcoin ultimately I’d say it comes down to speculative Investments and Bitcoin holders Vision that the value of Bitcoin will keep Rising that suggests that we have an asset class here that you can invest in and somehow secure a fantastic future and of course you need to maintain a narrative about what it’s
Useful for so they say it could be useful for payment transactions he’s entitled his opinion however I’ve done pretty well with Bitcoin with trading it with holding it with using it to transact and I haven’t had anybody really tell me what to do with that so I mean that’s his opinion
And I’m sorry he feels that way but if you look at the United States of America banking system and all the bonds and the traditional financial investments we have they’re not really doing too great either there are more than 8,000 cryptocurrencies out there they’re offered on a myriad of crypto exchanges
Not to mention the countless obscure providers advertised on social media the industry is a shark tank it has been hijacked in large part by opportunists uh con artists right scammers I know many many people have lost enormous amounts of money in these markets it’s a classic kind of bubble now that’s not to
Say that there isn’t right really amazing technology that sits underneath it recently there’s been a shift in the US users on crypto exchanges are now obliged to provide nearly as much personal information as they would need to when opening a traditional bank account a far cry from the independence crypto
Promised effectively recreated kind of like a traditional banking system on top of these cryptocurrencies and I think most people who use them don’t don’t realize that that that that they’re back you know using an institution which is very similar to the ones that they think they have
Fled Wendy O wants to conduct business independently of banks that’s why she stays clear of regulated crypto exchanges she opts for the more technically Advanced route of trading directly from person to person known as peer-to-peer When you’re using a thirdparty exchange like a binance or a coinbase or Gemini understand that is a third party they are holding your cryptocurrency if that exchange goes down you can lose your money for most people learning the jargon and inner workings of the complicated technology is too time
Consuming crypto exchanges are a far simpler option but wendyo only trusts herself and Bitcoin in its original conception her Bitcoin is stored in her own wallet there’s no third party that’s monitoring you that’s tracking you that’s taking your information and selling it to somebody else Bitcoin doesn’t do that these third parties they
Do9 Wendy O is part of a close-knit community of Bitcoin users that distrusts banks for them the notion that this this new monetary system should be regulated the same way as the traditional banking system is out of the question our public servants that’s what I like to call them they’re just a bunch
Of people with these very expensive pieces of paper degrees or they come from really great families or they’ve got connections they’re just regular human beings they don’t necessarily know more than us if you want to buy a home if you want to rent if you want to get
An education if you want to buy a car food whatever that may be you have to have a bank account but will the banks stand idly by as people like Wendy O try to chip away their power and destroy their business lons a business district just outside
Paris is home to the headquarters of one of the oldest banks in the country soete General’s influence in the crypto business is already far greater than many Bitcoin users can imagine recently societ genal integrated a subsidiary called Forge CEO Jean Mar Stinger is spearheading a small team leading one of the banking
World’s most ambitious projects in the realm of Crypto we believe that we’re entering a new era of financial markets and money we’re on the verge of a very radical and profound change when it comes to blockchain especially in regard to how financial services are supplied to the customer when it comes these Services a fundamental Revolution is on the
Horizonal has long been working to secure its position on the Forefront of this revolution it’s allowed to trade in cryptocurrencies offer wallets and it supports authorities by regulating crypto Traders the French Bank wants to make big money by leveraging blockchain technology for Equity trades financial institutions or companies will
Only issue shares or bonds digitally they only exist in digital form on the blockchain and that’s what interests our customers the ability to be faster safer and cheaper in the future selling shares wouldn’t be limited to the stock exchange instead they would be programmed on a blockchain and traded
From there in the business World these are known as smart contracts and Powerful Financial players have embraced this new business model New York is home to the largest Stock Exchange in the world this is where big deals are struck until now the field was clearly divided Banks Brokers and hedge fund
Traders speculated in pretty pretty much anything that could turn a profit cryptocurrencies are sold outside of wall Street’s perview but in early 2024 us authorities allowed Bitcoin ETFs to be traded on the stock exchange for the first time now if you told me you owned all of the Bitcoin in the world
And you offered it to me for $25 I wouldn’t take it because what would I do with it um I have to sell it back to you one way or another I mean maybe out the same people but it isn’t going to do anything the apartments are
Going to produce rental and and the Farms are going to produce food stock market Tycoon Warren Buffett doesn’t see any intrinsic value in Bitcoin so why should he speculate On It ultimately it’s a series of numbers that offers no immediate benefit many traditional Financial managers not only in New York see this
As its biggest shortcoming But that attitude is gradually changing Jordy Visser is the president of a hedge fund that manages over $4 billion he sees himself as a Pioneer and is very interested in Bitcoin and other cryptocurrencies no one no one can argue with the fact that the concept of the
Blockchain is a great idea as a technology whether we’re able to use it in the manner that we hope is an argument that people can debate but I think it’s certainly going to be here and I think it’s something that we need so I see it as the birthplace of an
Innovation which is going to help us get more authenticity to a world that has values on assets that are really hard to prove that they’re worth what they are many of Jordi visser’s colleagues advise against investing in Bitcoin because of the dramatic fluctuations and its value but surprising surprisingly
Evaluations made by his financial advisers tell a different story bitcoin’s volatility has been declining last year when people talk about the volatility of Bitcoin I forget the final numbers but us technology stocks were down almost as much Amazon was down almost as much as Bitcoin last year so what’s the difference between people
Having a large weight in Amazon that was down significantly and in Bitcoin I think we’ve gotten to the point where the volatility has been declining for years it will continue to decline as it becomes a more uh accepted asset class in 2022 bitcoin’s value dropped 60% to around €1
15,500 in the same time frame Amazon was down 47% and the Dow Jones Industrial Average an index of 30 major companies in the US was down 9% in 2023 bitcoin’s value recovered and fluctuated between 20 and 30,000 leading experts from the world’s Financial hubs at least agree on one
Thing the technology behind Bitcoin is ingenious and it’s well on its way to becoming an investment that generates a return Bitcoin is very much like gold and and what that what I mean by that is it’s it’s a terrible medium of exchange but it’s a wonderful store of value and
And I do think that we’ll continue to see Bitcoin platsburg is a small city in New York close to the Canadian Border 20,000 residents harsh Winters and no major tourist attractions unless you count this building a former discount retailer in 2018 it became one of the largest Bitcoin mining operations in the world Bitcoin is still mined here today the somewhat rundown building houses thousands of computers all day
Their sole purpose is to figure out codes ideally every 10 minutes each block they crack is worth 6.25 Bitcoin validating each block is so complex that a single computer would take a a very long time so countless companies set up thousands of computers to increase their odds it’s an ongoing
Race whoever cracks the code the fastest gets the reward in 2018 miners were generating 1,800 Bitcoins per day but the problem is all these computers constantly mining Bitcoin consume massive amounts of electricity bitcoin price when the price of Bitcoin was higher it was estimated that its electricity consumption
Worldwide was equivalent to that of the Netherlands and in times of climate change and energy scarcity that’s simply not good for a thing that’s value to society is unclear Bitcoin is so bad for the environment it is so dangerous well so is printing money so is driving a car
So is the lighting here so is you and I breathing existing um yes Bitcoin does leave an itty bitty carbon footprint but so do a lot of these other things is the environmental impact of Bitcoin mining overblown or is it a serious concern platsburg can provide some answers on a
Global scale electricity here is extremely cheap it comes from a hydroelectric power plant on the Niagara River That’s What attracted the company coin mint to set up its huge mining operation in the first place the new company promised jobs and a boost in tax revenue but gradually people learned the
Reality of the business’s impact was very different it’s uh basically it’s all about computers that’s all I know about it I don’t like it it’s an ugly place I can’t go in there and Shop they use a lot of electricity it has raised our price in electric and they didn’t say that’s the
Reason but it’s the talk and also it has caused the Family Dollar here used to be over there and they went a whole winter without heat because of the operation in the back that always had the door open because the Machines working with the Bitcoin you know they have to constantly
Run to do the cryptocurrency around the time coin Min setup shop Colin Reed became mayor of platsburg he teaches about Banking and sustainability at the State University he was appalled to learn that on some days this building consumed onethird of all the electricity in his city of 20,000
Residents these machines run 1500 to 3,000 Watts very similar to a uh space heater generally the same amount of heat so to control that heat if you have you know 3 to 10,000 machines like that in in this room you need to draw in a bunch
Of uh of cold air and expel a bunch of hot air so any Bitcoin mine operation going to have a lot of holes in the wall a lot of holes in the in the roof fans everywhere in the summertime generated a lot of noise because those fans need
Really need to run continuously when the weather is hot the Bitcoin mining operation proved to be a massive disruption for the residents of platsburg the cheap power supply generated from the niaga river was not enough the price of electricity suddenly shot up for local companies like this paper mill production became
Untenable Colin Reed then forced the Bitcoin mining firm to pay for the extra electricity on its own the company responded with a PR campaign I’ve seen uh many pictures from um some very sophisticated with uh hundreds of millions of dollars of Wall Street Venture Capital money behind them you
Know the the Italian shoes and suits and all that kind of stuff uh they’ve got a trade Association um that uh helps them uh do the talking points uh when they going into communities after all there is enormous potential in the business Colin Reed calculated that the
Puerto Rico based company earned up to $50 million a month at the start of its operation platsburg a lower income City didn’t see a dime instead of they’re making tens of millions of dollars of profit every month surely there’s going to be lots of flow back into the community but these
Are profits in Bitcoin that can be essentially cashed in anywhere there’s no reason to believe in for any reason that this money will stay in the Community in the end platsburg did not rake in the promised tax dollars nor were jobs created instead for a Time residents were saddled with expensive electricity bills meanwhile the Bitcoin mining firm moved many of its computers to the next town where electricity costs were lower Colin Reed is no longer mayor
Of platsburg he wrote a book about cryptocurrencies he was initially excited about blockchain technology but he’s been disillusioned if you look at who controls the wealth of Bitcoin it’s large corporations it’s multi-millionaires it’s billionaires it’s Venture capitals Wall Street the complete entities that uh Bitcoin and
Satoshi were designed to take out of the equation now dominate the market large companies are involved wherever digital money is replacing cash us companies especially are at the Forefront with Google pay Apple pay and PayPal the European monetary authorities are facing pressure on two sides from Bitcoin and from large private us-based
Companies that’s why the European Central Bank is turning its attention to developing the digital Euro the Dig we think the digital Euro must also be there to continue to limit the market power of these global companies just as it works with cash we need to ensure the Strategic independence of
Europe so the ECB also wants to get into the business of digital money the digital Euro however would be very different from the decentralized Bitcoin that’s because theoretically every transaction by citizens could be monitored by the ECB the only reason why they want to use blockchain technology the only reason
Why they want to create the cbdc is they want to monitor people they want to have control they want to implement credit scores they want people to do exactly what they are told and instill fear that if you don’t do what I say I’m going to have access to your
Money we have new interest in controlling people designing the digital Euro we want to make it so that we don’t receive personal data in the Euros system and instead have Anonymous transactions in our books we don’t want to know who has a particular account or who that person
Is there’s deep mistrust on both sides Banks and States fear that a decentralized currency without State supervision will lead to crime and Chaos Bitcoin users believe the state and Banks want control you believe in courts and laws then you shouldn’t be too worried about this potential visibility if you have little
Faith in the courts and laws then yeah perhaps this would be something to be worried About Elon has had the nickname Bitcoin beach for a while now but actually all of El Salvador has become something of a test case for Bitcoin Here human rights are not guaranteed and the Judiciary has very little power in 2021 it became the first country to recognize Bitcoin as legal tender A Move spearheaded by populist president naib bukel this was this unique opportunity for them they saw this as wow how else could we literally overnight might have
El Salvador known throughout the world be in all these articles have people change the narrative that even if people are speaking negative they’re talking about the money and the tech rather than the gangs and the murder the beginning of the Bitcoin era in El Salvador was celebrated with great
Fanfare thousands of crypto enthusiasts cheered on their Rockstar leader naib buele projected himself as a cross between a baseball cap wearing rapper and a savior and he made his stance on bitcoin clear so it’s just not a good a good a cool a nice idea is the evolution of
Humankind so we’re going there and you can’t stop Evolution this Evolution was heavily promoted in El Salvador every citizen who downloaded Cheo the state-run Bitcoin Wallet app received $30 worth of bitcoin as a gift a controversial means of winning people over maybe he understood Bitcoin maybe he’s crazy maybe he’s running an experiment we just don’t know it could
Have been any country honestly for me it’s not relevant that it’s El Salvador what’s important is that a country somewhere in the world dared to take this step and I’m fairly certain that other countries will follow even if it takes a few more years the reality is there are only a
Few stores in El Salvador’s Capital that actually accept Bitcoin especially after its value dropped at the end of 2022 most people use the dollar can one pay in Bitcoin no no not here too hard I never tried it not at the moment but no one’s come to explain how it works
Unfortunately my children’s school or my son’s University doesn’t accept payments in Bitcoin according to a survey 70% of El Salvador’s population distrust the new legal tender many businesses that accept Bitcoin immediately exchange for dollars but the Bitcoin Community abroad remains enthusiastic I absolutely love what he’s doing cuz by making Bitcoin legal tender
He’s essentially taking power back for his country and telling everybody else in the world this this is what we’re doing and I’m trying to improve the quality life of my people the best way I can in reality buele wants to make his country independent from the influence of foreign institutions like the
International monetary fund if Salvadorans buy Bitcoin without the statun chebo app their assets would be safe from their own government’s influence imagine we live in a country with unstable institutions and I have 5,000 currency units in my account not necessarily in Euro the state doesn’t
Like it so what does it do it could potentially take the money away from me in other words a kind of expropriation or confiscation is possible if the value is determined from the outside by a state or a banking system or government or a central bank but it’s not possible with
Bitcoin El Salvador has become a place of pilgrimage for Bitcoin Believers there are plans to build a Bitcoin City Traders crypto Miners and entrepreneurs would live and work together there the president’s cousin is trying to attract investors and startups so far a huge crypto City at the foot of a
Volcano is still a pipe dream you get 0% income tax 0% capital gains property tax payroll tax Municipal Taxes and 0% CO2 emissions building this new Financial Hub would cost an estimated $1 billion in one of the poorest countries in the world where the average annual income is about
€4,000 naib buele is counting on support and funding from Abroad I’m fully convinced that sooner or later there will be Bitcoin cities there are people who want to be engaged in this community so they’ll pack up and suddenly start moving to El Salvador it’s a bit like religions in the past where Believers would Gather in monasteries or elsewhere
And live and do things together money is based on trust and belief cryptocurrencies have added a new dimension to how we think about money El Salvador is reflective of the fear and hope surrounding Bitcoin but cryptocurrencies have already changed the world and in all likelihood it’s just the Beginning
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