60 Minutes reports on how Bitcoin is building a circular economy in El Zonte

CBS News 60 Minutes precocious ran a portion connected El Zonte (aka Bitcoin Beach) successful El Salvador. It featured interviews with section people, including U.S ex-pat Tim Peterson, a erstwhile fiscal advisor who moved determination 18 years ago, good earlier Bitcoin existed.

Shortly aft arriving successful El Zonte, Peterson acceptable up a foundation to bring economical prosperity to the section area. In particular, successful addressing the occupation of locals moving elsewhere for amended opportunities.

60 Minutes is the longest-running primetime amusement successful tv history. According to the Los Angeles Times, successful March 2022, it was the highest-rated amusement for the 3rd consecutive week.

““60 Minutes” was the highest-rated prime-time programme for the 3rd consecutive week pursuing the decision of NBC’s sum of the Winter Olympics, averaging 8 cardinal viewers to pb a expanse of CBS programs successful the apical three.”

Receiving mainstream sum of this caliber is simply a large deal. But did 60 Minutes springiness Bitcoin a just crack?

El Zonte to beryllium the adjacent Singapore(?)

2019 bought important alteration for Peterson and his enactment pursuing interaction with an anonymous benefactor, who had 1 stipulation –  to physique retired a circular system with Bitcoin astatine the center.

“The stipulation was you can’t conscionable person it into dollars, due to the fact that they believed the usage of Bitcoin would beryllium what would payment the people…”

Recounting his archetypal reaction, Peterson said the conception was somewhat alien to him, successful that, astatine first, helium struggled to grasp the thought of an wholly integer currency that cannot beryllium held. The contented was compounded by the information that Salvadorians spot currency arsenic king.

Nonetheless, recognizing the anticipation earlier him, Peterson and assemblage leaders got down the connection to physique the Bitcoin Beach initiative. This started by creating jobs successful the country and paying workers successful BTC.

Bitcoin arsenic the motor for prosperity

In selling the thought of Bitcoin, the inaugural decided to absorption connected the younger generation, who, successful general, are overmuch much comfy with technology.

The youngsters became advocates for Bitcoin, persuading their parents, who ran section businesses, to statesman accepting BTC for outgo of goods and services, mounting disconnected a concatenation of events that would Bitcoinize the area.

But, astatine the aforesaid time, 60 Minutes showed that not each concern successful El Zonte is connected board. They notation the complexity of setup, volatility, vigor usage, and deficiency of backing by an authorization arsenic barriers for immoderate concern owners.

Nonetheless, “Mama Rosa,” whose eatery was the archetypal section concern to judge BTC aft being urged by her son, said she turned from skeptic to supporter, having racked up important income owed to the change.

The conception presented a balanced relationship of Bitcoin. And considering the prevalence of antagonistic portrayals successful mainstream media, this should beryllium chalked disconnected arsenic a triumph for cryptocurrency.