At its core, Peter McCormack’s film is about the other side of El Salvador. And he tackles it in part in his “Follow the Money #1” documentary that we’ll dissect today. Will the Bitcoin Law Help Salvadorans Who Don’t Care for the Internet? Can bitcoin fix every problem it faces? In a long run, it can and it will. McCormack is in a hurry though. As this part of the film progresses, he becomes more overwhelmed.
Congressman and the bitcoin he refused to see
Last time, we dropped off McCormack to visit Congresswoman Claudia Ortiz, “the president’s staunch opponent.” Even though he was just in opposition, McCormack wants to balance the discourse and feels that Ortiz is “on the other side of the debate.” She came furiously, “That law, that bill was passed on the same day it was introduced in the assembly. And it’s a very important decision, and he didn’t ask people if people wanted that.”
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It may have been the right one, but it was the right decision nonetheless. “He did not explain to the people after taking this decision. He did not specify how converting bitcoin to legal tender would be a good decision for this country. And it is much more than fair criticism. Education is important, and it is one of the factors that El Salvador’s bitcoin experiment has been lacking. Then, Claudia Ortiz makes the wildest assumption:
“I suspect this decision is being taken for bad reasons, and the proof is that we have no explanation, no logical or plausible explanation, that it would be good for the economy.”
There are thousands of articles, hundreds of podcast episodes, and dozens of books out there that can explain the lady in Congress. It is lazy at best to put that burden on the state. Work and you will get the answer. “Other problems like the public finance crisis that we have existed for a decade, maybe more than a decade, and every problem is like building up over and over again,” she adds.
Well, we have good news. Bitcoin fixes this.
“We have to be in the other direction, the other direction, trying to make agreements for development.”
no you should not. You should focus on bitcoin.
BTC price chart for 05/26/2022 on BinanceUS | Source: BTC/USD on TradingView.com
get money to the right people
After that, McCormack heads to a dangerous part of town to check out a program to “get used to the streets and rebuild their lives”. It shakes him to the core. The place seems to be doing great, but about 50 adults live in a big house. “If you can get the right money to the right people, you can fundamentally change people’s lives. You can do good,” reflects McCormack.
With Mike Peterson and his wife Brittany at night, McCormack recounts his fears. “The Bitcoin Project Could Change El Salvador. In 10 Years, It Could Be in a Much Better Place. But, Does Everyone Benefit?” Of course, they do. Let sound money do its job. “What about people who are falling between the cracks?” McCormack asks. Bitcoin will help them by lifting Salvador society as a whole.
Sensing McCormack’s fear, Brittany comforted him. “I think the more dangerous thing than that is if you see things like this, and it doesn’t affect you.” Then, she tells him about a gang-related murder that happened around her house. When Peter asked if she wanted to go after him, she replied:
“This has come to my mind several times during that time, yes. There was a feeling, you know, what can we do to help? We can’t change the world overnight, but it’s all the little things.” (…) And then when you see things like Project here, and you start to see hope, it’s exciting, it’s exciting to see those little victories along the way.”
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In that says Michael Peterson. “Sometimes it can feel overwhelming, and it feels like a lot of pressure, but I think it’s important to realize that these things won’t change overnight. But, it’s important that we start as soon as possible.” and concluded “Bitcoin is not a target, as such, it is a tool.”
Tune in tomorrow for the third and final part of this series. Peter McCormack will speak to President Bukele on that a second time.
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