Join hosts Jonathan Mohan, Stephanie Murphy and Andreas M. Antonopoulos as they mirror on bitcoin’s evolution as a forex and commodity. In the early days, an period of retail adoption as retailers started to simply accept bitcoin from their prospects appeared to level to a brilliant future for every day bitcoin use. The 2013 IRS addendum treating bitcoin as a commodity, fairly than as a international forex, rapidly made transactions a burden with onerous tax reporting necessities, dimming that retail bitcoin future.
In the time since, the crypto neighborhood has adopted a HODL mindset. Why spend bitcoin if it’s disinflationary in nature and can convey you extra worth sooner or later? Those idealistic people’ desires of bitcoin as a every day forex might now not align with bitcoin’s maturation.
Developments in layer 2 expertise, just like the Lightning Network, have allowed experiments in bitcoin as authorized tender to be not solely a chance, however a realistic selection for governments like El Salvador’s. With information of Ukraine contemplating following in El Salvador’s footsteps, will clusters of closed-loop bitcoin life bloom around the globe?
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Today’s present featured Andreas M. Antonopoulos, Stephanie Murphy and Jonathan Mohan. This episode was edited by Jonas, with music by Jared Rubens and GurtyBeats. Our album artwork is predicated off a photograph by Ishan_@seefromthesky on Unsplash, modified by Speaking of Bitcoin