Last week, El Salvador announced that Bitcoin would be accepted as Legal Tender. We bring on our favorite Bitcoiner Nic Carter to the State of the Nation to discuss this monumental historical event -- a nation-state officially recognizing Bitcoin as a currency. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini  🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer  👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave  🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap  ------ 📣 LEDGER | START YOUR CRYPTO JOURNEY http://bankless.cc/LedgerYT  ----- State of the Nation #50: El Salvador Adopting Bitcoin Guest: Nic Carter Nic Carter, recently verified on Twitter, is a partner at Castle Island and 4-time guest on Bankless. In 2021, Nic has spent much of his time dispelling the common myths frequently pointed at Bitcoin by the mainstream media, and he has been a general in the Green Energy war taking place around Bitcoin. Last week, Nic started a Twitter Space to discuss El Salvador adopting Bitcoin as legal tender, a historic moment for crypto. Nayib Bukele, the President of El Salvador, joined the Space as the El Salvadorian congress ratified the bill. This twitter space ultimately garnered over 20,000 listeners, including some of the biggest names in crypto. Bukele showed himself to be savvy with both tech and social media, earning his label as a populist. This is a pivotal time for cryptocurrency. The news from El Salvador bring up increasingly important questions like the relationship between nation-states and digital value. There are a variety of motives for El Salvador to adopt Bitcoin including lessening dependence on US monetary policy, as the Dollar was previously the sole currency of the country. What does it mean for a country to adopt a cryptocurrency? Is Bitcoin being used for its 'intended purpose?' Is this a populist reprisal? Do these events represent a rejection of the Cantillon effect, and a move against the monetary hierarchy of capital gains taxes? In this State of the Nation, we cover these questions and more as we digest this monumental news and figure out what to make of it. ------ Resources: Nic on Twitter: https://twitter.com/nic__carter?s=20  Castle Island: https://www.castleisland.vc/  Nic's Podcast, On the Brink: https://onthebrink-podcast.com/  Crypto-Fiat Mutualistic or Parasitic: https://newsletter.banklesshq.com/p/crypto-fiat-mutualistic-or-parasitic  Bitcoin Beach: https://www.bitcoinbeach.com/  ----- Topics Covered: 0:00 Intro 8:30 Nic Carter, Global Diplomat 10:18 Does El Salvador Change Everything? 15:43 Capital Gains 20:24 President Nayib Bukele 26:04 Is this good for El Salvador? 34:55 Lightning Network 40:15 Custodial Bitcoin 43:10 Bitcoin's Biggest Test 52:13 The First Domino to Fall 58:01 Is This Freedom or Coercion? 1:03:27 Pumping their own Bags 1:09:23 Authoritarian Populism 1:15:03 Gateway to DeFi 1:18:30 Physical vs. Digital 1:21:20 Consequences 1:23:54 Closing & Disclaimers ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures 

Download the crypto meta to your brain in this weekly show. 4th Week of May, 2021 ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini  🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer  👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave  🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap  ------ Topics Covered: 0:00 Intro 2:15 MARKETS 2:25 BTC Price Fear & Greed: https://twitter.com/BitcoinFear  4:48 ETH Price Fear & Greed: https://twitter.com/EthereumFear/status/1402566188144726021?s=20  7:47 ETH/BTC Ratio Episode w/ Ledger: https://shows.banklesshq.com/p/-sotn-49-the-state-of-the-charts  8:57 DeFi Action 12:08 Cooldown https://twitter.com/joel_john95/status/1402177944001269760?s=20  15:49 NFT Bubble https://protos.com/nft-market-bubble-popped-crypto-collectibles-are-over/  18:39 ETH Trading Volume https://twitter.com/RyanSAdams/status/1402240262911496192?s=20  20:10 DeFi Lending Protocols https://twitter.com/tokenterminal/status/1401901076903776260?s=20  22:00 RELEASES 24:00 Uniswap V3 on Arbitrum https://twitter.com/Uniswap/status/1400847744596598792?s=20  27:45 Graph Protocol on Arbitrum https://twitter.com/arbitrum/status/1402023407609421830?s=20  28:11 Uniswap V3 Calculator https://uniswapv3.flipsidecrypto.com/  34:33 Curve Volatility Algorithm https://twitter.com/curvefinance/status/1402673150425509890?s=21  37:00 Polygon Polygon Scan: https://twitter.com/0xPolygon/status/1402590551619162116  HopProtocol: https://twitter.com/HopProtocol/status/1397983455821041664  OKEx Withdrawals: https://twitter.com/OKEx/status/1402630589551890436  Matcha Aggregator: https://twitter.com/matchaxyz/status/1402645756834553864  42:45 NEWS 42:55 El Salvador The Bill: https://twitter.com/nayibbukele/status/1402446890466217985?s=20  Thread: https://twitter.com/CaitlinLong_/status/1401334421773504517?s=20  Volcano Mining: https://twitter.com/jack/status/1402773957653241861?s=20  1:02:25 NFTs on Aave https://metaversal.banklesshq.com/p/nfts-are-coming-to-aave  1:04:09 Bitcoin Ransomware Attacks FBI Recovers: https://twitter.com/ericgeller/status/1401973177346109443?s=20  $11M Payment: https://www.coindesk.com/ransomware-jbs-holdings-meat-producer  1:07:25 Microstrategy BTC Bond https://twitter.com/Blockworks_/status/1401881368355876868?s=20  1:13:22 Elizabeth Warren https://twitter.com/senwarren/status/1402725005113364486?s=21  Knives Out: https://twitter.com/nic__carter/status/1402755502715645953?s=20  1:20:55 Quick News Takes IRS: https://www.theblockcrypto.com/post/107590/irs-seeks-millions-in-fresh-funding-to-expand-crypto-tax-enforcement-and-hire-outside-experts  CFTC: https://www.theblockcrypto.com/linked/107769/cftc-commissioner-criticizes-defi-decries-lack-of-intermediaries  Consumer Inflation: https://www.usinflationcalculator.com/inflation/current-inflation-rates/  Amazon DeFi: https://twitter.com/CoinDesk/status/1402223350563344385?s=19  BlockFi Raise: https://twitter.com/fintechfrank/status/1402344595279822853?s=20  Ledger Raise: https://www.theblockcrypto.com/post/107775/ledger-380-million-series-c-raise-dan-tapiero-10t-fund  Solana Raise: https://www.theblockcrypto.com/post/107749/solana-labs-raises-314-million-funding-a16z-polychain-capital  Coinbase 401k: https://www.theblockcrypto.com/post/108034/coinbase-forusall-401k-advisor-crypto-retirement-accounts  1:24:30 TAKES 1:25:20 New Vision for Crypto https://twitter.com/TheStalwart/status/1401842475564687361  1:27:30 Gen Z is Coming https://twitter.com/ryansadams/status/1402462536419753985?s=21  1:29:25 Single-Sign On https://twitter.com/BrantlyMillegan/status/1402388133086367751  1:31:14 BTC Physical, ETH Digital 1:34:09 Listener Question 1:36:25 What David’s Excited About 1:38:22 What Ryan’s Excited About Panel: https://www.youtube.com/watch?v=9mUCFRu4fkk  1:40:50 MEME OF THE WEEK https://www.reddit.com/r/ethtrader/comments/nvojaa/this_is_exactly_why_i_want_to_go_bankless/  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures