Let’s Dissect The “Follow The Money #1” Documentary, Pt. 1- Salvadoran Confusion

    In “Follow The Money,” the What Bitcoin Did crew goes deep. The podcast is already part of the El Salvador story, with its host Peter McCormack being the first to interview President Bukele after the Bitcoin Law’s announcement. In this new documentary, he’ll discover out what the Salvadoran folks take into consideration that. He additionally registered in video Jack Maller’s half within the story, and interviewed the Strike mastermind about that actual matter. 

    In this documentary, although, McCormack tries to search out out what the typical Salvadoran thinks concerning the Bitcoin Law. He goes to the protests in opposition to it, faces the folks, and talks to the market and the distributors. Their solutions are shocking. Near the top, McCormack interviews Bukele for a second time, however let’s not get forward of ourselves. 

    The documentary begins with a wild truth about our planet, “On September the 7th, 2021, El Salvador became the first country in the world to make Bitcoin legal tender.” Then, utilizing slick drone photographs and by no means earlier than seen footage, McCormack and firm inform us the remainder of the story. And present us issues we already reported on from one other angle. 

    About the dedication to make bitcoin authorized tender, the documentary says:

    “The decision was celebrated by bitcoiners around the world. It promised to bring financial independence to Salvadorians and release the dollarized country’s economy from the grips of the United States, but this is just one side of the story. The other side reaches far back into El Salvador’s violent history.”

     Follow The Money, El Zonte Edition

    As everyone ought to most likely know, all of it started in a small fishing village that we now know as Bitcoin Beach. Its actual title is El Zonte and one of many individuals who began the entire motion, Michael Peterson,  tells the venture’s origin story.

    “We actually met with this guy who was an early Bitcoin investor, and he basically just said, you know, I have made all this money in Bitcoin I’m never going to be able to use it all myself. I want to use it to do good things in the world. They were looking for a project that would actually help bitcoin circulate. We started paying kids to work in different work programs in Bitcoin at the same time we worked with the different stores to be able to accept it.”

    Another one among “Follow The Money’s” protagonists was Michael’s spouse, Brittney. She clearly states the purpose of every part her household’s doing in El Salvador.

    “… I feel like that’s really the goal behind any organization that comes down to do good is to empower the local people, they’re the ones that are going to be here forever, and you get a couple key people there, and then they start to make small changes within the community, and then those become generational changes.”

    One of the documentary’s supporting characters, espresso store proprietor Enzo Rubio, has a optimistic story. “We saw Bitcoin going up and up, so it was a very good idea to have my savings on Bitcoin, so that’s what I’ve been doing.” And his views about the way forward for the bitcoin community are bullish. “At the end of the day, when people learn about it, they’re going to be able to do amazing stuff with their money.”

    He additionally thinks that it is a nice alternative for the Salvadoran youth to check to turn into builders, or in Rubio’s phrases, “learning to code into blockchain.”

    BTCUSD price chart for 05/24/2022 - TradingView

    BTC worth chart for 05/24/2022 on Coinbase | Source: BTC/USD on

    Follow The Money, The Vendors, And The Protestors

    The What Bitcoin Did crew recorded the “Follow The Money #1” documentary in the course of the days of the Bitcoin Law going into impact. Peter McCormack introduces the state of affairs, “The news of Bitcoin was sweeping across the country, but after speaking with to dozens of Salvadorians, it was clear that many did not understand it or what it would mean to them.”

    The crew goes to a neighborhood market and McCormack begins asking folks in the event that they plan to simply accept bitcoin any time quickly. It’s a “NO” throughout the board. No one is within the matter. An area vendor tells tries to inform it like it’s and failed, “there has been no necessary education, the necessary things have not been explained to the people. There are more important problems in this country than our currency exchange, that should be secondary.”

    The forex is the primary downside. Everything must be secondary to fixing the cash, however that’s neither right here nor there. After speaking to the impartial distributors, McCormack is able to speak with those that are in opposition to bitcoin. Are they only attempting to get President Bukele again? Does their case has a leg to face on? McCormack introduces the state of affairs as soon as once more:

    “With the launch of Bitcoin as a legal tender only days away, the capital San Salvador was seen small, but tense protests, and I was troubled to find that my relationship with Bukele had become part of the story.”

    The protesters noticed the primary Bukele interview and assume that McCormack and he are in enterprise collectively. One of them exposes their case. “The point is that this Bitcoin policy has been promoted without consultation with the Salvadoran population. It is practically an initiative of the president without consultation, and it is not at all clear how the regulations will be.”

    To unravel that, McCormack will speak to an opposition chief and interview Bukele for a second time. Stay tuned for the second a part of this collection.

    Featured Image: McCormack screenshot from the documentary | Charts by TradingView

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