El Salvador’s Landmark, Elon Musk’s Lowlight, and the Coming Layer 1 Wars

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This week on “Opinionated,” we sit down with David Z. Morris, CoinDesk’s chief insights columnist.

DZM provides us the highlights and lowlights from 2021, and seems to be forward to 2022.

His spotlight? El Salvador.

“For me, the bitcoin policy in El Salvador was the landmark moment of the year,” he says.

El Salvador has been shopping for bitcoin at a speedy clip, attracting bitcoin entrepreneurs. It has issued a “Bitcoin Bond” that’s accessible to nationals via the Chivo bitcoin pockets.

This factors to how bitcoin could level to a possibility for indebted nations which are typically excluded from conventional credit score markets to seek out new methods to develop.

“It potentially gets El Salvador and other countries out of the yoke of the [International Monetary Fund] and World Bank, which maybe do some good work but by and large have not been great actors over the last 30 years,” Morris mentioned.

DZM’s lowlight? Tesla CEO Elon Musk, the man who wants no introduction.

(*1*) Morris mentioned.

“You’ve got to be not just nuts but somewhere on the not-caring-about-other-people spectrum to have a million of followers and tweet #baby doge with no context or explanation or consideration of how people are going to respond to that.”

“He’s financially abusing people who support him and it’s irresponsible. He’s been fined by the [U.S. Securities and Exchange Commission] before in reference to tweets about his own company. So imagine how responsible he’s going to act when he’s giving financial advice when he’s talking about things he’s not responsible for.”

Morris additionally regarded forward to 2022, providing three predictions. Top of the record:wars between the likes of layer 1 (base) chains Avalanche and Solana and longer-standing chains corresponding to Bitcoin and Ethereum.

“Given the issue with fees that Ethereum has had, it became a real opportunity for people to stand up new layer 1s that have had genuine adoption,” Morris mentioned.

Listen in for extra insights from David Morris and “Opinionated” hosts Ben Schiller, Danny Nelson and Anna Baydakova.

Articles talked about on this podcast:David Z. Morris: Behind the Scenes of El Salvador’s Bitcoin Bond With the Man Who Designed It

David Z. Morris: CoinDesk Most Influential 2021: Jack Mallers

This episode was produced, introduced and edited by Michele Musso. Our theme music is by Elision.