29: El Salvador, Bitcoin Circular Economy, and Entrepreneurship with Michael Ruiz
In this episode, I spoke with entrepreneur and writer Michael Ruiz. Michael has been a long-time Bitcoin proponent who raised concerns years ago about the lack of a Bitcoin circular economy and capture by large financial interests. When El Salvador made Bitcoin legal tender, Michael decided to visit and is now moving to the country while building multiple businesses. He shared this journey in detail during the episode.
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Timestamps:
(1:31) Michael's experience with El Salvador and what's happening on the ground
(4:23) El Salvador is attracting sovereign individuals
(7:29) How Michael's father moved to the US from Honduras for the American Dream and El Salvador is now trying to revive the American Dream
(9:00) Will other countries try to emulate the El Salvador model?
(14:31) Safety in El Salvador and Bukele's miraculous turnaround on crime
(18:45) Bitcoin adoption is not the BIG story in El Salvador yet - the crime turnaround is
(22:00) Why Bitcoin is being used less by regular people in El Salvador than you might expect
(27:45) Why it's psychologically hard to spend Bitcoin
(41:00) What type of Lightning wallets are people using to transact in El Salvador
(42:50) Bitcoin education in schools to create bottom up adoption
(48:00) Michael's businesses and how he's building in El Salvador
(54:00) Why Neil is interested in El Salvador
(1:00:30) How the visa situation works in El Salvador
Links and Resources
"Is Your Government Secretly Mining Bitcoin" - Adventure Capitalist podcast
Tucker Carlson interview with Nayib Bukele