22 International Bitcoin Adoption

Bitcoin Bottom Line

Host Steven McClurg and C.J. Wilson open the episode by talking about international bitcoin adoption. Wilson asks McClurg if he believes the criticism that leaders of countries face will diminish after more countries begin to adopt Bitcoin. McClurg does not anticipate this to change. He recognizes that “a lot of people that come into power and want to make positive changes in their country have a difficult time doing it all at once.” He includes an example of Saudi Arabia taking small strides to improve their country, but it cannot change all at once.

McClurg states, “Changing your entire currency system to bitcoin with the hope of financial freedom is one step in the direction to overall freedom.” Wilson says we must look at these situations on a broad, long-term scale; have a low-time preference, and be patient. Like the government, it can be difficult for companies to change quickly, especially if they are public.

Many people have been moving to or visiting El Salvador recently. The hosts believe that this is due to their bitcoin adoption. Over the past two years, many people have been moving to places with like-minded people and fewer taxes.

Texan government officials have become pro bitcoin recently. Texas is looking to attract the mining industry and has great potential because it is an oil and gas energy-focused state. Wilson is surprised that many other states have not followed in Texas and Wyoming’s footsteps of adopting bitcoin, especially with their natural resources.

McClurg states that bitcoin is a movement for the people, and it has been happening organically. Politicians are increasingly becoming pro-bitcoin. Wilson hopes that bitcoin will become a “non-story” because it will be successful and ubiquitous. McClurg predicts that in two to four years from now, candidates that are not pro-bitcoin will be compared to a flat-earther.

McClurg and Wilson end the episode by looking at the nuance of crypto to say that we do not have to make generalizations. We can take a unique look at every leader, state, city, and country to rank them internally.