Bitcoiners - Live From Bitcoin Beach
Who Really Controls El Salvador's Financial Grid? (It's Not the Government) | Will Hernandez of AsoBitcoin
- Will Hernandez, president of El Salvador's Bitcoin Association (AsoBitcoin), traces his entry into Bitcoin through peer-to-peer payments in 2020 and his work at Paxful before helping establish the association in February 2022 to filter out scam projects and represent legitimate Bitcoin companies.
- Traditional Salvadoran banks actively use their legal right of refusal to deny accounts to Bitcoin startups, creating a major bottleneck despite Bitcoin's legal tender status. A new Law of Alternative Funds permits Bitcoin banks with minimum $250,000 investor requirements.
- Real estate purchases in El Salvador increasingly occur on a Bitcoin standard through OTC intermediaries (Atera Bitcoin, Dito Banks, Silver Wallet, IBEX, Troquera), which structure deals in Bitcoin while sellers receive fiat, enabling international capital inflows seeking zero capital gains tax treatment.
- AsoBitcoin is a private entity with government support, distinct from purely private associations elsewhere. It coordinates with the Bitcoin Office on events, policy suggestions, and ecosystem promotion, including international conference booths and side events.
- Education expansion is critical: Bitcoin curriculum now exists in public schools, and Hernandez is pushing the Ministry of Education to mandate Bitcoin literacy in private school curricula nationwide.
- El Salvador is exploring sovereign AI and autonomous agents using Bitcoin for machine-to-machine payments; the government actively encourages officials to adopt these technologies in anticipation of future scaled adoption.