The Pomp Podcast - #784 Rio De Janeiro Joins Bitcoin's Worldwide Adoption

Episode Date: January 16, 2022

This episode is a little different than the usual podcast format. There is no guest. Instead, I will share a couple of thoughts I have around a specific topic. Today I break down Rio De Janeiro's decision to buy Bitcoin with the city's balance sheet. What does it mean for Brazil? And which country will be next? ======================= Exodus is leading the world out of the traditional financial system by building beautiful and user-friendly blockchain products. With its focus on design and user experience, Exodus has become one of the most popular and loved cryptocurrency apps. It’s supported on both desktop and mobile, allowing you to sync your wallet across multiple devices so you can have access to your funds anywhere. You can instantly exchange around 100 different cryptocurrencies straight from your wallet. Interactive charts let you view an asset’s price history and your portfolio’s performance over time. And maybe the best part, Exodus is integrated with the Trezor hardware wallet - making advanced security easy for everyone. Visit exodus.com/pomp for your free download or search Exodus on the App Store or Playstore. ======================= The fastest way to double your Bitcoin is at MyBookie. Instead of taking an altcoin gamble, invest in your sports knowledge. Set yourself up for success by doubling your first Bitcoin deposit when using promo code POMP at MyBookie. Deposit with Bitcoin and double your initial deposit up to $1000. Crypto is the best way to play at MyBookie because there are no fees, faster payouts and bigger bonuses. Playing with crypto also gets you access to exclusive crypto contests – NFL Crypto Survivor, NCAA March Madness Crypto Bracket Contest and more! Click here to get started. MyBookie accepts; Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple. The deals don’t stop after your initial deposit. Take advantage of our industry leading Crypto Re-up bonus and receive a 15% cash bonus on all crypto deposits made AFTER your initial deposit! Bet anything, anywhere, anytime with MyBookie. =======================

what's up everyone this is anthony pompliano most of you know me as pomp you're listening to the pomp podcast simply the best podcast out there now let's kick this thing off today's episode is a breakdown of the recent decision by the mayor of rio de janeiro to go ahead and buy bitcoin with the city's balance sheet i really enjoy breaking down these timely topics for you and it seems like people really enjoyed them as well so i'll continue to do them before we get in this episode though, I want to quickly talk about our sponsors. Today's episode is brought to you by Exodus, the world's leading desktop, mobile, and hardware crypto wallet. They offer beautiful user-friendly blockchain products that sync across all of your devices, making it easier

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is only. The mayor of Rio de Janeiro committed to putting 1% of the city's balance sheet into Bitcoin yesterday. His comments were made during Rio Innovation Week, where a panel discussion included Rio de Janeiro Mayor Eduardo Paes and Miami Mayor Francis Suarez. As many of you know, Rio is not a small town. There are more than 6 million people in the urban geography, and the population tops 12 million people if you include the surrounding areas. These individuals have been living under intense economic conditions. Inflation in Brazil has officially been over 10% since September 2021, and the average citizen is having to navigate these accelerating prices when they go to the grocery store or purchase everyday items.

Along with the economic conditions, Brazil has been suffering from political instability over the last few years. It is nearly impossible to quantify the instability, but housing prices fell 5.5% year over year in Sao Paulo, and this decline has been occurring since 2015. The decision by Mayor Eduardo Paes to purchase Bitcoin has very little to do with the financial benefits of the digital currency, though. It appears that he sees the economic prosperity potential that has been pioneered by Mayor Suarez in Miami and President Bukele in El Salvador. The announcement of the Bitcoin purchase came with the revelation that the city of Rio de Janeiro is also considering a tax break for citizens that pay a specific property tax in Bitcoin as well. I'm not an

expert on Brazilian politics. I have no desire to become one, but I do find it fascinating that politicians around the world, especially at the local level, are slowly plugging their cities into the Bitcoin network. Some have chosen to purchase Bitcoin on their balance sheets. Others have taken their salaries in Bitcoin. Many are considering mining Bitcoin with local power resources. And an increasing number of politicians are looking at the tax code as a potential incentive to drive adoption or economic activity. My expectation is that this is a very long journey. It will take months for leaders to educate their constituents and peers. It will take years for plans to actually be approved and executed, and it will likely take decades for

these strategies to become the default or the standard. Those timelines are perfectly fine, though. We live in a world where everyone is constantly seeking instant gratification. They want to click a button and have something happen. Much of this thought process and desire for immediate action is driven by the fact that the money is being debased at a historic rate. There's a scene in one of my favorite movies, In Time, where the main character is seen running around quickly in a rich part of town. Someone stops him and says something to the effect of running is what poor people do. When you're rich, you don't have to be in a hurry all the time. This is ultimately what Bitcoin does for the psychology of people, cities, states, and nations.

The digital sound money allows for a transition from short-term thinking to long-term thinking. There is no rushing. There is no panic. You can make the investments and decisions necessary to grow for long stretches of time. You can think in terms of decades, not days. It is incredible to watch politicians around the world understand this advantage. They also realize that by putting a flag in the ground through their embracing of Bitcoin, it will also attract like-minded individuals to their geographic locations. This is the power of change. It won't happen overnight, but make no mistake, it is happening right before our eyes. Miami, Austin, Kentucky, Missouri, Wyoming, El Salvador, Rio de Janeiro, and hundreds of other cities, states, and countries around the

world. Person by person, organization by organization, the mind virus is at work, spreading uncontrollably, just as it was designed to do. I hope you guys enjoyed this. Make sure that you go ahead and share it with your friends. Make sure you're subscribed to the RSS feed, and I'll see you guys next week.