A bitcoin project focuses on revolutionizing Salvadorans economic approach

By Portal & Asociados

A bitcoin project focuses on revolutionizing Salvadorans economic approach
On January 13, 2020, American multinational financial corporation Nasdaq published in its news website an article about Bitcoin Beach, a project created by Michael Peterson, an American citizen who 14 years ago made a semi-permanent move to El Salvador.
Peterson is working in two villages on the eastern coast of the country -Punta Mango and El Zonte- looking to kickstart a circular economy that is powered by bitcoin.

“The goal is to get people to actually utilize it in a real way where it would be circulating, people would be learning how to use it and it would be consequential in their lives,” said Peterson, who’s Bitcoin Beach acts as guaranteed buyer and fount of liquidity when people need cash.

As half of the population has smartphones, Bitcoin Beach is focusing in mobile communication as its primary resource. “Phones are the priority for people. The more people use it, they see how easy it is to have it on their phone than having to carry a bunch of cash around all the time. A lightbulb goes off and they realize it’s easier than using cash,” Peterson explained.

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