Introduction: A Historic Gathering
This article is part of a comprehensive four-part series focused on El Salvador. The previous installment explored the vibrant community in El Zonte.
At this year’s Plan B conference held in El Salvador, an electric atmosphere permeated the air, as over 2,500 attendees gathered to engage in discussions that could shape the future of their nation. This event marked a significant milestone as it was the first Bitcoin conference in Central America to offer a fully bilingual agenda, accommodating both English and Spanish speakers.
Empowering Local Voices: The Significance of Plan B
For Roman Martínez, a co-founder of Bitcoin Beach, the Plan B conference represented a monumental step forward. It provided a platform for ordinary Salvadorans to comprehend the implications of their country’s Bitcoin experiment and envision their roles within it. “Previously, Bitcoin conferences primarily catered to foreigners,” Martínez explained in Spanish. “Not everyone is fluent in English, and grappling with complex topics is challenging enough in one’s native language.”
Martínez played a pivotal role in organizing the conference and anticipated a modest turnout of 100 to 150 Salvadorans. Instead, over 1,500 tickets were sold to Spanish-speaking attendees. “I’ve never witnessed so many Salvadoran faces at a Bitcoin conference,” he noted. “We’re reaching a point where Salvadorans understand that Bitcoin is here to stay; we must engage with it now or risk being left behind.”
A Tale of Two Conferences: Different Experiences, Same Vision
The conference featured two distinct areas: the English-speaking section, held at the Sheraton Presidente San Salvador Hotel, showcased crypto luminaries like Tether CEO Paolo Ardoino, Samson Mow, and Blockstream CEO Adam Back, who discussed the ongoing struggle between centralized and decentralized systems.
Conversely, the Spanish-speaking zone, located at the Museum of Arts of El Salvador, buzzed with energy. Here, Salvadorans from various backgrounds shared innovative ideas aimed at uplifting their country—from enhancing educational opportunities to integrating Bitcoin into healthcare discussions. The panelists, many of whom were young Salvadorans, exuded passion and determination.
Gerardo Linares, co-founder of Bitcoin Berlín, passionately told the crowd, “We are at the right place at the right time in history. Everything is unfolding right here in El Salvador.”
A Diverse Community: Breaking Down Barriers
One striking observation was the demographic diversity within the Spanish-speaking area. Crypto conferences often exhibit a gender imbalance, with a predominant male presence. The English-speaking section reflected this trend, with approximately 90% male attendees. However, the Spanish-speaking zone showcased a more balanced environment, featuring around 60% men and 40% women.
Many attendees donned black and orange Bitcoin shirts, while others, including middle-aged couples and university students, brought a refreshing variety to the conference. Evelyn Lemus and Patricia Rosales, two key figures behind the Bitcoin initiative in Berlín, shared their thoughts on female participation. “A new generation of Salvadoran women is emerging, independent and eager to learn,” Rosales noted.
Lemus added, “Women often manage family finances in El Salvador. They attend events like this to discover how to invest wisely.” Their mission was clear: Bitcoin should not be an exclusive tool for the elite but a resource for everyday Salvadorans.
Navigating the Landscape: Understanding El Salvador’s Bitcoin Journey
The conference underscored a prevailing sentiment that El Salvador is on the brink of a significant transformation in its Bitcoin journey. Over the past four years, the nation has transitioned from being labeled the homicide capital of the world to proudly embracing its identity as “Bitcoin Country.” President Nayib Bukele’s crackdown on gang violence has provided a unique opportunity for the country to reorganize and aspire to prosperity. This perspective was widely shared among conference participants.
Despite Bitcoin being declared legal tender in 2021, many Salvadorans remained skeptical, with a Central American University survey showing that 88% had not adopted the cryptocurrency. However, the establishment of a second Bitcoin circular economy in Berlín, along with burgeoning initiatives in Santa Ana, has sparked hope for increased adoption.
Martínez, Lemus, and Linares eagerly shared insights, emphasizing that intertwining Bitcoin initiatives with social work is key to fostering acceptance. “If making hamburgers would encourage Bitcoin usage, then I’d be in the kitchen,” Linares quipped. “People are drawn to social causes, so we’re leveraging that.”
Tether’s Move: A Boost for El Salvador’s Economy
The decision by Tether, a major stablecoin provider, to relocate its headquarters to El Salvador was seen as a monumental victory. With reported assets totaling $143.7 billion, Tether has become the largest company operating in the country, paving the way for other crypto firms to follow suit. This shift promises to create new job opportunities and elevate salaries, positioning El Salvador as a potential tech hub.
Darvin Otero, CEO of tiianki Technology, expressed optimism, stating, “El Salvador should be recognized not just for being the first to adopt Bitcoin as legal tender but for transforming the lives of young individuals and nurturing the next generation of tech leaders.” Alejandro Muñoz, a Salvadoran lawyer, echoed this sentiment, highlighting the importance of legal education in fostering a thriving Bitcoin ecosystem.
Looking Ahead: Hope Amidst Challenges
The conference took place shortly after the government, in a multi-billion dollar agreement with the IMF, rolled back Bitcoin’s status as legal tender, relieving businesses of the obligation to accept cryptocurrency. While some Bitcoin enthusiasts criticized Bukele’s decision as a capitulation to the IMF, many Salvadorans at Plan B viewed it differently. For them, the practical landscape remained unchanged, as most businesses had not actively embraced Bitcoin.
In fact, many attendees welcomed the IMF deal, recognizing that it secured long-term funding for vital reforms. Mike Peterson, an American expatriate and co-founder of Bitcoin Beach, remarked, “The IMF loan positions the country to achieve the BBB credit rating required for sovereign wealth funds to invest here.”
This divergence in priorities highlights a crucial distinction: while hardcore Bitcoin advocates prioritize global adoption and envision a future where Bitcoin replaces traditional currencies, Salvadorans perceive Bitcoin as a practical tool for community development.
Linares encapsulated this sentiment, stating, “Salvadorans have always taken pride in their identity. Though we were often associated with negativity, now the world is listening to us. Bitcoin has played a significant role in this transformation.”
As excitement and optimism fill the air, it’s clear that El Salvador is undergoing a profound change, one that promises to inspire dreams and aspirations for a brighter future.
