September 8, 2021

El Salvador Officially Accepts Bitcoin as Legal Currency

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Mesh Lakhani

Hey All,

Welcome to Talk Money Weekly - where I cut through the noise and curate the best money-related topics from the web.

We just started production on a new podcast. I know I've been saying this for a while...but there's a lot more coming.

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Markets & Business

Talk Money Weekly: Meme Stock AMC is a Box Office Hit!

The new episode of Talk Money Weekly is now live! In this episode, I run through the circus that has been AMC. A stock that is up 2500% in the last year. How did this even happen?

I discuss what caused this run-up, what the company is doing with their new fame, and how you should think about this stock and other meme stocks.

El Salvador Passes Bill to Make Bitcoin Legal Tender

This is a big deal. El Salvador now officially will accept Bitcoin as a currency. Itโ€™s the equivalent of going to Mexico or Europe, where for the most part people accept US dollars. So why make this legal? 70% of El Salvador is underbanked and they believe Bitcoin can create more inclusion. You donโ€™t need a bank account for Bitcoin. You also aren't forced to hold Bitcoin. If someone pays in Bitcoin, the store owner has the option to immediately convert that into dollars, to avoid any risk.

Now, it does take time to transact Bitcoin. Ie if you were to purchase something. It's not instant. But there's always new tech being worked on to solve these problems. ย The main thing is itโ€™s a big milestone to adopt crypto as a nationโ€™s currency. And there are many ways to solve that problem of transaction times etc. It can help with remittance. No bank needed. This is a very positive sign for the Bitcoin community.

Jeff Bezos Paid $1B in Taxes

Why do we care so much about this! Like seriously WTF. The man paid almost $1B in taxes. That's s 23% tax rate. That's a lot of f*cking money. Who cares if you don't like him. He made Amazon. We use it every day. It employs A LOT of people. Ok, so you don't like how they're treated? Then don't use the product!

It's the tax code! There are loopholes, but that money is being spent elsewhere. It's not like those dollars are just disappearing. They just aren't going to government programs...oh but I guess $1B of it is. None of us like paying taxes. Can you imagine paying $1B in taxes?! Why we continue to villainize folks for this is insane.

There's one thing to give shit to a sitting President, but like him or not, Bezos has changed all our lives. We don't want these folks taking their business or their money to another country. It's as simple as that. The US is not what it used to be, and this is a problem.

Also, what's up with this true tax rate?

โ€œTrue Tax Rate is Bullshit"

This sums it up. Clickbait news as always. Get something better to report on. OR you know what, provide tax code suggestions that you think are realistic.

I don't have a billion dollars. I don't have a million dollars. But I still think this is ridiculous.

Without Immigrants, What Happens to America?

This all leads to this. What if America is no longer the place to come and build companies. It's no longer the innovation capital of the world. The American dream- where you can come as an immigrant, work hard, build something, get rich, buy a Buick, and get taxed.

SF has suffered because of mismanagement and tons of folks have left. Remote will be over eventually, and there's something special about being in a "startup hub." This is what Miami and Austin are taking advantage of, but they aren't the same caliber as what SF/SV used to be.

A friend of mine who is a very successful entrepreneur and investor told me he's looking to leave SV and go to Singapore. Overtime, that's where he thinks the talent goes, or at least to that region of the world. We need to encourage people to start businesses in the US and keep them here. Not push them away.

That's all the news from this past week! If I was to make this newsletter into a Youtube show, would you watch it?

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