Show an ad over header. AMP

I am the FIRST

President Bukele seeks to make El Salvador 1st country to adopt bitcoin as legal tender

El Salvador's President Nayib Bukele said in Saturday that he plans send a bill to the country's Congress next week "that will make bitcoin a legal tender."

Why it matters: If the legislation is passed by lawmakers, El Salvador would become the first country to formally adopt the digital currency.


#Bitcoin has a market cap of $680 billion dollars.

If 1% of it is invested in El Salvador, that would increase our GDP by 25%.

On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.

β€” Nayib Bukele πŸ‡ΈπŸ‡» (@nayibbukele) June 6, 2021
  • "In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy," Bukele said in a video for the Bitcoin 2021 conference in Miami, Florida, which was posted online.
  • Jack Mallers, founder of the Lightning Network payments platform Strike, which is working with Bukele on the project, noted at the conference, "Over 70% of the active population of El Salvador doesn't have a bank account. They're not in the financial system."

The big picture: Over 2 million Salvadorans live outside the Central American country and send home some $4 billion every year, with remittances making up about 20% of the country's GDP, per the BBC.

  • Bukele didn't go into details on how the policy would work. But he said it would be used alongside the U.S. dollar, which the country has used as its official unit of currency since 2001.

Why the startup world needs to ditch "unicorns" for "dragons"

When Aileen Lee originally coined the term "unicorn" in late 2013, she was describing the 39 "U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors."

Flashback: It got redefined in early 2015 by yours truly and Erin Griffith, in a cover story for Fortune, as any privately-held startup valued at $1 billion or more. At the time, we counted 80 of them.

Keep reading... Show less

Scoop: Facebook's new moves to lower News Feed's political volume

Facebook plans to announce that it will de-emphasize political posts and current events content in the News Feed based on negative user feedback, Axios has learned. It also plans to expand tests to limit the amount of political content that people see in their News Feeds to more countries outside of the U.S.

Why it matters: The changes could reduce traffic to some news publishers, particularly companies that post a lot of political content.

Keep reading... Show less

Scoop: Amazon quietly getting into live audio business

Amazon is investing heavily in a new live audio feature that's similar to other live audio offerings like Clubhouse, Twitter Spaces and Spotify's new live audio platform, sources tell Axios.

Why it matters: As with Amazon's efforts in podcasting and music subscriptions, the company sees live audio as a way to bolster the types of content it can offer through its voice assistant, Alexa, and its smart speaker products.

Keep reading... Show less

Hurricane Ida exposes America's precarious energy infrastructure

The powerful hurricane that plunged New Orleans into darkness for what could be weeks is the latest sign that U.S. power systems are not ready for a warmer, more volatile world.

The big picture: β€œOur current infrastructure is not adequate when it comes to these kinds of weather extremes,” Joshua Rhodes, a University of Texas energy expert, tells Axios.

Keep reading... Show less

"We must go further": 70% of adults in European Union are fully vaccinated

About 70% of adults in the European Union are fully vaccinated against COVID-19, Ursula von der Leyen, the president of the European Commission, said Tuesday.

Why it matters: The milestone makes the E.U. one of the world's leaders in inoculations, after an initially lagging vaccine campaign, the New York Times notes.

Keep reading... Show less

What Elizabeth Holmes jurors will be asked ahead of fraud trial

Jury selection begins today in USA v. Elizabeth Holmes, with the actual jury trial to get underway on Sept. 8.

Why it matters: Theranos was the biggest fraud in Silicon Valley history, putting both hundreds of millions of dollars and thousands of patients' health at risk.

Keep reading... Show less

Insights

mail-copy

Get Goodhumans in your inbox

Most Read

More Stories