YouSaid · the spoken record

Mike Peterson

lines on the record: 60
first: 2022-06-08
most recent: 2022-06-08
sittings or episodes: 1
sources: podcast

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“So, this conference is put on by a global organization called AFI. It's kind of like some of those other big global organizations, but it doesn't get as much media play because it's made up of kind of the forgotten countries like El Salvador. And so I think there's, I think it's 90 countries in total, I think, whose central banks are members of this association. And it is, I believe it's the financial inclusion.”
2022-06-08 · We Study Billionaires · BTC081: Bitcoin Legal Tender & International Adoption w/ Mike Peterson · IDENTIFIED FROM THE TRANSCRIPT
“So that was kind of over a several month period, that initial injection went in. And then we've had subsequent injections that have funded specific programs. We actually started the first lifeguarding program in El Salvador. And so we've done a number of things like that where there was something that was needed in the country. We started paying the people in Bitcoin and the lifeguard program, the government eventually took it over and rolled it out countrywide. And so the groups are actually super proud of that, that they were the ones that brought professional lifeguarding to El Salvador.”
2022-06-08 · We Study Billionaires · BTC081: Bitcoin Legal Tender & International Adoption w/ Mike Peterson · IDENTIFIED FROM THE TRANSCRIPT
“The first couple we leaned on our relationships, people that we already knew we could kind of strong arm into doing it as a favor. And so they were skeptical at first. But once they started seeing the percentage of their income that was coming from Bitcoin, then they actually ramped up the efforts, they ramped up the advertising. And that just led to FOMO of the neighboring stores. They're wondering, hey, why do they have lines? Why when everybody else is out of work are people still lining up to spend at their stores? And they asked how they could onboard. And so it was really a combination of a few early adopters and then FOMO took it from there.”
2022-06-08 · We Study Billionaires · BTC081: Bitcoin Legal Tender & International Adoption w/ Mike Peterson · IDENTIFIED FROM THE TRANSCRIPT
“And then during the COVID lockdown, we did kind of switch to more of a UBI system because at that point, nobody could work. They couldn't leave their home. The COVID lockdown actually accelerated everything we were doing by a significant degree.”
2022-06-08 · We Study Billionaires · BTC081: Bitcoin Legal Tender & International Adoption w/ Mike Peterson · IDENTIFIED FROM THE TRANSCRIPT
“So, we really wanted to look at how we could most effectively and efficiently get it out in the population. So we started looking at different UBI type programs that we could do where we would kind of just do a distribution throughout the community. We did want to put some stipulations on it that it would be more targeted to people that had young kids and the people that were specifically had the needs. It got rolled out sort of like that. We did actually have a little bit different tact initially. We started paying the young people in Bitcoin to clean the local river, the beaches, actually start doing some repair work on the homes of the elderly in the community. Kind of things where they could feel productive and actually feel like they were earning their Bitcoin rather than just freely giving it to them.”
2022-06-08 · We Study Billionaires · BTC081: Bitcoin Legal Tender & International Adoption w/ Mike Peterson · IDENTIFIED FROM THE TRANSCRIPT
“The Central Republic of Africa and the Central African Republic. And then I have a feeling we're going to see several more in the next year or two.”
2022-06-08 · We Study Billionaires · BTC081: Bitcoin Legal Tender & International Adoption w/ Mike Peterson · IDENTIFIED FROM THE TRANSCRIPT
“I'm always afraid to report it at the airport there. You don't want to get mugged leaving the airport, but it was, we just saw like how much that was holding back. And then a few years ago, we had somebody make a donation and they actually put the stipulation on it. It was a Bitcoin donation. And they said, hey, you can't just cash this in. You have to actually use it as Bitcoin. And I started thinking about it. I was an economics major in university. I've always been fascinated about, you know, why some countries are successful, why their economic systems work, why others don't. And so I pitched this idea of, hey, let's take it a step further and actually develop this Bitcoin circular economy that gives these young people some hope and some stake in the future. And the rest is history, world history, as we've seen El Salvador adopt Bitcoin as legal tender. And now we see other countries that most recently.”
2022-06-08 · We Study Billionaires · BTC081: Bitcoin Legal Tender & International Adoption w/ Mike Peterson · IDENTIFIED FROM THE TRANSCRIPT
“Early 20s when he started, and we saw he had a real heart and connection with the community, and so we just started pouring into all these programs targeting the youth and trying to help them stay in school, stay out of the gangs, get on the right path in life. And through that, as we were trying to bring money down in different ways, I just kept thinking, man, if we just use Bitcoin, it would be so much easier because it's such a hassle with the AML, KYC laws, just trying to bring cash into the country. I mean, sometimes the best way to bring it in was to fly back to the US and to bring back, you know, $9,800 with you.”
2022-06-08 · We Study Billionaires · BTC081: Bitcoin Legal Tender & International Adoption w/ Mike Peterson · IDENTIFIED FROM THE TRANSCRIPT
“So we bought a place in El Salvador about 2005, went there on a surf trip and kind of fell in love with the country and the people and we'd spend a few months there every year and started to get to know a number of people that were working and everything from like running children's homes to have starting churches to working with drug addicts. And we saw kind of a chance to spend a good part of our year in El Salvador kind of giving back and being involved in some of these projects. And kind of out of that came a desire to impact the community that we were living in, which is Alzonte. And there was a big gang problem there, a lot of historical poverty. Most of the kids grow up without their parents around because they're in the US working. And so we saw an opportunity to start really kind of pouring into some young promising leaders, Jorge Valenzuela, was a guy who came worked for us when he was, I think he was in.”
2022-06-08 · We Study Billionaires · BTC081: Bitcoin Legal Tender & International Adoption w/ Mike Peterson · IDENTIFIED FROM THE TRANSCRIPT
“Thanks. I was stoked to meet you. You're actually, your podcast is one of my favorites. I listen to it every week. And just on a side note, how cool was Tim? I was surprised. Usually when you meet people in person, you're kind of disappointed, but”
2022-06-08 · We Study Billionaires · BTC081: Bitcoin Legal Tender & International Adoption w/ Mike Peterson · IDENTIFIED FROM THE TRANSCRIPT