Bitcoiners - Live From Bitcoin Beach

From Canada to El Salvador: Escaping Communism & Financial Surveillance For Bitcoin Country

• Mike Peterson

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0:00 | 54:25

George McBride (@georgemcbride_ ) and SatStreet facilitate Bitcoin OTC trading and asset management for family offices moving to El Salvador’s Bitcoin legal tender economy.

Is your home country a fortress for your wealth, or is it a high-tax cage waiting to be locked by the legacy regime? George McBride from SatStreet joins the show to discuss why his family decided to exit Canada and go all-in on El Salvador. We dive into the "Flag in the Sand" moment when President Bukele declared Bitcoin as legal tender, signaling to the world that this jurisdiction is the only true sanctuary for those seeking absolute financial sovereignty.

For the family office or high-net-worth Bitcoiner, the biggest hurdle to exiting the fiat system has always been the friction of legacy banking. George explains how SatStreet provides the deep liquidity and white-glove otc trading services needed to move $50k to $100M+ into the country without the typical delays. If you are looking to acquire beachfront property or shift your asset management strategy to a pro-Bitcoin jurisdiction, having a partner who understands the local banking rails is the difference between a smooth transition and a compliance nightmare.

We also explore why foreign investment is currently flooding into the region, moving beyond just retail hype into institutional adoption. George breaks down how the country’s digital assets regulatory framework is outperforming the restrictive attitude of Western regulators. By building infrastructure and professionalizing the space, builders are proving that El Salvador is no longer an experiment but a global leader in capital efficiency.

The conversation gets practical for those planning their own exit strategy, specifically regarding the Land Cruiser problem. While the country is a pioneer, many local sellers still operate in the dark ages and demand dollars. George details how SatStreet acts as the bridge, allowing you to use your Bitcoin for large purchases like vehicles or land while the seller receives the fiat they are accustomed to. It is the necessary bridge to hyperbitcoinization that allows you to live the lifestyle today.

Finally, George shares details of his hour-long meeting with President Bukele and why the self-filtering mechanism of this country is its greatest strength. El Salvador is looking for the entrepreneurs and builders who are fed up with the status quo. If you are ready to stop being a spectator and start contributing to the most important economic shift in a generation, this episode is your roadmap for making the move.

—Bitcoin Beach Team



Connect and Learn more about George McBride
X: https://x.com/georgemcbride_
X (SatStreet SV): https://x.com/SatstreetSV
X: (SatStreet, Parent Company): https://x.com/Satstreet
Web: https://www.satstreet.sv/

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Browse through this quick guide to learn more about the episode:
00:00 Intro
01:59 How to exit Canada and move your family to El Salvador in 2026?
09:39 How does a Bitcoin OTC desk facilitate institutional liquidity for expats?
15:35 How to move large Bitcoin amounts into El Salvador banks without rejections?
19:14 Why are El Salvador’s wealthiest families finally adopting a Bitcoin standard?
22:30 Is El Salvador the world’s best investor paradise for Bitcoiners in 2026?
28:30 Can you buy a Toyota Land Cruiser with Bitcoin in El Salvador today?
31:25 How does the new Bitcoin real estate escrow work for foreign buyers?
35:04 Why is El Salvador’s DASP framework better for Bitcoin businesses than the West?
46:00 What is the insider truth about President Bukele’s Bitcoin strategy for 2026?


Live From Bitcoin Beach

George McBride:

Yeah, like Bitcoin, whether it's directly or indirectly, it's it's brought all this down here, right? And obviously the leadership of Bukele which and his policies and the incentive structures that he's rolling out is key too. But it really comes down to Bitcoin. Bitcoin was the flag in the sand that said this place is different than anywhere else on the world, and everything else, to me, is sort of an incidental reaction of that.

Mike Peterson:

George McBride with me in studio. Some of you viewers will remember when we did something with with his dad, John McBride, which, by the way, was the only, I think it's the only episode we did that we had to cut it into two episodes because he's so long winded.

George McBride:

That sounds about right.

Mike Peterson:

That doesn't surprise you at all, does it all? Yeah, your dad, once he starts talking, he does not like to stop but, but all interesting stuff, yeah,

George McBride:

Yeah, He always ties things back around. He'll go a little tangents, and you'll think, where's he going with this? And he brings it back. He always brings it back.

Mike Peterson:

Well, he's had a lot of interesting experiences, so that makes for some interesting stories. And absolutely, including the way he wound up down here, I think, without you guys really wondering, you know, with you guys not even really knowing what he was doing. He was supposed to be in Panama, I think, and then all of a sudden he came here and started buying houses and went up in the hospital, and it was like this whole, Yeah, crazy.

George McBride:

Yeah. Well, you know, from, so I'm from Toronto, Canada, and that's where, you know, our whole family comes from. And when he decided to exit Canada, and he hadn't really decided exactly where he wanted to be, but he just knew Canada was no longer the the place to, you know, live and have your asset, different things. And there was just a lot of concerns going down the tank. It was going down down the tank. So he initially landed in in Panama, where he got his residency, and he bought some property, but he didn't love it there. And the actual, I think, origin story of how he came to El Salvador was, I was at Bitcoin Miami for the conference when Bukele made the big announcement. Okay, and, and it obviously ties into why I was down there with with SatStreet, which we can get to, but, but I got on the line with them right away. And I said, you know, Hey Dad, you hear, hear about the big announcement. The President of El Salvador made, made Bitcoin legal tender, and he kind of went, who where, you know, but it intrigued him, not just because, you know, he's a bitcoiner and a Bitcoin investor, and you know, if you go to his episode, he goes into depth about all of that, but, but more so, who the heck was this bold leader to make that kind of bold decision, and I want to go check this place out. So he then, you know, soon after that, booked a flight and came down and, you know, the rest is sort of sort of history. But yeah, for a little bit while there, even before, as a family, we got really comfortable with El Salvador, before we had a chance to come down and experience it ourselves, we were a little, you know, a little worried, you know, because all you read about, all you can know is what you what you read about in Canada, right? And it's so twisted, how?

Mike Peterson:

Well, especially at that time too, there wasn't people I didn't realize that it is, it's starting to shift.

George McBride:

Big time. It's shifted big time. But at the time we but, you know, he knows what he's doing, so we always had faith and and then ultimately, I started to come down and to visit him, and also to help with the odd transaction, with with sat Street and, and it becomes very clear quickly, even years ago, when I first started coming down, that this is, it's not the way it's framed, not, not at all. So we're excited to be here as a family and as a you know, obviously, have multiple companies down here that, that we've, we've since rolled out. But it's, it's, it's not just business. It's that this is a lifestyle. This is a country that that, you know you you want to raise a family and that kind of thing. So we're just so happy to be here.

Mike Peterson:

No, I literally don't know if I know anybody else who has come in and started so many companies and projects so quickly here as as your family. And I was with your dad the other day, I was like, Dude, what are you doing? You're not, like, a spring chicken, like you got all these new things that you're starting, like, yeah, what? What's, what's the angle? And I think he just has a hard time like, like, seeing opportunities and not capitalizing.

George McBride:

Yeah, exactly. And he's very passionate, yeah. And you know, if he sees something that he thinks he can get done, he does it. And I agree. We're trying to get him to, hey man, sit back a bit and enjoy life and enjoy enjoy the beach, enjoy yourself. Yeah, right, but yeah, we'll see.

Mike Peterson:

I joke with him because I'm a little wired like that too. My wife says I like to find things that are, like, nice and good, and then make them complicated. And so,

George McBride:

That's why you guys get along, I guess.

Mike Peterson:

Yeah, Dad and I have a lot in common, but I've been trying to, like, say, hey, I need to, like, have some balance. I need to get out surfing. I need to get exercise. I need to take care of my health and so, and your dad's, you know, a little bit older than me, and so I'm like, come on, come on, John, like,

George McBride:

Well, yeah, lead by example, Mike,

Mike Peterson:

Yeah, I'm trying. I'm trying, but, but he definitely is a ball of energy still. So he is, he is, it's and it's been fun becoming friends with him, and then through him meeting, meeting your mom and you and your brother and your sister, and, yeah, the whole family here. And then, you know, we'll focus mostly today on what specifically you're doing and how that ties into El Salvador, but you've been part of an exchange, and I don't know what your official position is at SatStreet. So I'm Managing Director of SatStreet El Salvador, and I'm Director of Sales of SatStreet Inc, which is the parent company. So tell us a little bit about SatStreet. So, Hey guys, you know we don't do commercials here at the Bitcoin Beach podcast, because we want to keep it focused on what's happening here in El Salvador. But we have something special that we're promoting right now because we have the Stay at Bitcoin Beach project that's just been launched, we've always wanted to make sure that when Bitcoiners come to El Salvador, they have a truly Bitcoin through and through experience in their accommodations, in being able to stay at a place that mostly has other Bitcoiners. And so we came up with this idea, and I actually found my buddy Peter here to take the bull by the horns and then make it happen. So Peter, tell us what you got cooking for us.

Peter:

Thanks, Mike. Stay at Bitcoin Beach dot com. This is the website and the brand that we started that it will host a growing number of Premier properties that we have, both in the Punta Mango area and here in El Zonte. The first is Punta Mango villas, which was the original place that Mike you and I bought 16 years ago, and it's been newly remodeled, six villas that sit upon the best break my opinion in the country, but stunning the pool has been redesigned. We've got a bar on the cantina. The full restaurant. Casa Agua Fria is a small, little cabin in the same area, and it sits right on the Agua Fria Beach, a little bit more intimate. It's great for families that want to go out and kind of get away. And then here in El Zonte, there's three properties. First, it's Citi Del Mar, which Mike you put your heart and soul into. We're sitting here now in the podcast studio that has two main houses overlooking the break of El Zonte. Beautiful infinity pool. Gym just got a first class place to stay. And then a new condo that just got released in the Barefoot project that's on the other side of the river, fifth story, overlooking the ocean, again, beautiful, two bedroom. And then seven suites that we're opening up called Bitcoin Beach suites that is really close to where a lot of the Bitcoin Beach story started. So when you come, you can use Bitcoin to book your stay right on the website. You also can use it for transportation, for food, for all the services that we continue to add to to the business. So we'd love to have you please go to Stay at Bitcoin Beach dot com. You'll see pictures, you'll see all the different descriptions and information of the properties, and you can hit us up, either on our web page or on Instagram, and we'll get back to you. We'd love to have you out, please come to Stay at Bitcoin Beach.

George McBride:

So we launched back in 2020, and essentially we had a very simple in Canada, but had a very simple idea, which was to provide the highest level of service for folks or customers that are transacting in high volumes in Bitcoin in a way that at least at the time, and especially. In Canada. And by the way, the two co founders, John Lister and Mike Nasser, they'd both come from one of Canada's largest retail exchanges. Okay, one had exited his previous company was acquired by by the exchange and sort of absorbed him, and the other was one of their directors on the OTC, high volume division of their company, but they were largely focused as a retail exchange. So the two founders saw that, you know, why not we? Why not go out and do our own thing, where we cut off the retail side of the business and focus on, say, the the top of the market or the higher volume transactions, and just really provide a great level of service, where we've got the deepest liquidity, we've got excellent banking infrastructure and rails, so we can accept large amounts of Fiat quickly, and we can settle Bitcoin into wallets, you know, very quickly as well. So we so we did that in 2020. The way that I got involved was so I started my career, actually, at Tesla. Out of I was doing a business program in Canada that was focused in the automotive industry. And I got my first job at Tesla back in 2015 and worked there for a couple of years as a product specialist, and then what was called an ownership advisor, but it was on the sales side, and this was back when there was just the Model S, and Tesla was a big company by all standards, but not what it is today. Yeah. And, you know, I sort of cut my teeth helping build out the Canadian market on the sales side, and I worked there for over two years, and I, you know, gotten some options and things, and that put me in a, you know, good position at a young age to be able to leave after a couple of years, and I decided to join up with my dad and the investment business. And so Mike Nasser, who was one of the guys from coin square, and one of the co founders of SatStreet, he was our broker at at this retail exchange, and he helped get us comfortable with Bitcoin, and sort of, you know, took us down the rabbit hole, so to speak, and then he eventually sort of confided and said, confided and said, You know, I'm thinking about starting my own thing. You know, I know, you know the McBrides. You guys are early stage investors. Would you take a look at it? So I went in with my dad, and we met with John and Mike at our offices. And we're so impressed with them that we, after one meeting, basically agreed to write a check. And through that process, I got to know Mike really well, and he asked me to come and join him and John and build out the business. So that's sort of the long story of how I got involved. But over the last five years, I've been professionally facilitating large Bitcoin transactions, primarily in Canada. So we work with high net worth individuals corporations that are buying Bitcoin and adding it to their balance sheet. And number of others say Bitcoin, Bitcoin mining operations. And so,

Mike Peterson:

When you say large, just to give people context, what would seem large to me, might seem like small to you, relative. So what, like, what are kind of your minimums, and what's, I don't know if you can divulge, yeah, what the biggest transaction you've done, but,

George McBride:

So minimum would be 50,000 on the higher end of it, per trade would be in like, you know, close to 100 million. And you're talking USD? Yeah, Canadian dollars would be the on the 100 million side, but our minimums now across the board are 50,000 CAD or USD on the small side. And we don't really have limitations on the upper side of things. But we've done about close to 5 billion in transactions across our desk, and we service a smaller number of clientele, and we just really lean in to providing the highest level of service. So we're very white glove, high touch, and a big part of that really segues well into sort of down here, because you need that with the local banks, especially from a compliance standpoint. So anyways, we built a really successful business in Canada. We were profitable from our first quarter onward, all the way through the FTX collapses. And, you know, the four year cycles, up and downs and and we were just, we just built a unique, a unique business that that, that we were effective of, sort of managing through the the ups and downs. So with that, though, and you know, as operators of a Canadian company, right, this was during, say, the Trudeau regime, as I call it, and you know, the trucker protests and the freezing of bank accounts and the increase, eventually, the announcement of, at least attempting to increase the capital gains in Canada, and so we had a lot of our clients naturally, leaving guys like my dad and so on, and getting set up in offshore jurisdictions. And for us as a business to in order to be able to continue to service those clients, we had to get set up, set up offshore. So initially, from. Toronto, we got set up in the BVI, and we had opened a subsidiary there, and got regulated and registered as a VASP, a virtual asset service provider, and that enabled us to begin to work in offshore jurisdictions. And then, so I sort of say, with our transition to El Salvador, it was a mix of personal pulls. My dad had had come down obviously, the President announcing Bitcoin as legal tender is a huge deal, and you know what's going on down there as as a business that operates in the Bitcoin world. But also we had client, other clients leaving and and we'd already had some offshore capabilities. So it may be just to transition now to El Salvador specifically. But what started to happen was my father was coming down here and investing and doing business, and he was running into people that were having a hard time moving large amounts of Bitcoin into dollars into the local banking system, primarily for, let's say, real estate transaction.

Mike Peterson:

They wanted to buy something in Bitcoin, but the seller one, yeah, dollars.

George McBride:

Unfortunately, sellers, a lot of them still want dollars, and so that's a service that's needed so, and that's what we do. So I would start to help with the odd, the odd transaction. And I learned very quickly, because one of the challenges down here was, everyone was saying, you can't move big money into the banks. Can't do it. Banks reject wires. They hold them up for weeks, months, you can't do it.

Mike Peterson:

And that's been my experience.

George McBride:

Yeah, and most and so, you know, you hear that, and I obviously go into it a little bit apprehensive somewhat, to starting to do business in an environment like that, but But learn very quickly that we could do it. And people always ask me, Well, how well, you know, we've got multi jurisdictional licenses. We have, you know, a great reputation and track record. And I think most importantly, we really understand at an intimate level what the banks need to receive funds and ultimately settle into accounts. So we had an edge there, just from our experience in dealing in, you know, larger transactions. So I started doing the odd transaction down here. I started to come down and visit my father, and you just fall in love with the place, right? So, you know, sure, you have your business hat on and there's opportunity, but you also have to be very comfortable with the environment of the country, the you know, the political stability and everything else. And we just, and I became very, very comfortable from a business expansion perspective, that El Salvador made a lot of sense. So we decided about a year ago to formally incorporate in El Salvador and get regulated as a dasp, a digital asset service provider in country, and really lean in and support the build out here, because we do play and a pretty critical role in helping move big money into the country. And by the way, it's not just selling Bitcoin, okay, we also help people buy Bitcoin in El Salvador in larger size, which is relative but 50k plus. So, so yeah, over the last, let's say, a year and a half or so, don't quote me on it, but we've been doing business through the BVI and then formally through our SatStreet entity, now for well over a year. You know, we've done 10s and 10s of millions, getting close to 100 million, in transactions into the country.

Mike Peterson:

And is this primarily like real estate purchases? Or what is the what are some of the use cases.

George McBride:

Primarily, real estate, it would be also say, family offices or companies buying Bitcoin El Salvador and family offices, that sort of thing, yeah, and helping, yeah, folks acquire Bitcoin.

Mike Peterson:

And are you seeing? I'm just just kind of curious, obviously not asking for names, but sure, in general, are you seeing some of the wealthier families in El Salvador start to realize that Bitcoin needs to be part of their strategy. Because initially, when, when Bukele made the announcement, the majority of the wealthy were very negative, 100% and so it's curious to kind of see this shift.

George McBride:

Yeah, and I have a lot of experience with that in Canada, with with sort of the, say, high net worth, family office, corporations that were very reluctant to get involved with Bitcoin over the last five years. It's changing globally. And I would say it's consistent. Obviously, you had things like the ETFs in the US come out and and the, you know, the price maybe not withstanding recent weeks, but, but that gives a lot of a lot of comfort. And locally, you know, being able to, it all comes down to education, right? But yes, to answer your question, maybe more directly, there's, there's been a switch, I've noticed firsthand locally, where the local money, not just foreigners that have already, you know, foreign Bitcoiners coming in, are really taking a closer interest. First, which is, which is great to see,

Mike Peterson:

Yeah, no, that's, that's encouraging because, you know, I felt like that contingent would come along because they, they've been, like, very anti but they've been benefiting. Ironically, they benefit more than anybody else because they own a lot of, you know, the office buildings that these new companies are coming down and renting, you know, they obviously are exposed to real estate here, which is was been booming. And so they, you know, they were like the haters, but then they were benefiting from the Bitcoin adoption here. Oh, yeah, it's good for this. See, them finally realize that their incentives are in line

George McBride:

100% and that's the big thing is. And so, you know, beyond, just say, facilitating Bitcoin transactions, one of the other things that that were, you know, what my big efforts is in country, is bringing our, you know, Canadian clients down here, and many of them have done well in various sectors. And, you know, parts of the economy, let's say broadly, and they've got expertise that this country needs. And so, yeah, like Bitcoin, whether it's directly or indirectly, it's it's brought all this down here, right? And obviously the leadership of Bukele which and his policies and the incentive structures that he's rolling out is key too, but it really comes down to Bitcoin. Bitcoin was the flag in the sand that said this place is different than anywhere else on the world. And everything else, to me, is sort of an incidental reaction of that. But yeah, it's been a lot of fun to to watch. And, you know, as I said, bringing down some of our clients that, you know, even in Canada might, might not be full out Bitcoin maximalist, but have gotten to the point where we've worked with them and helped them buy, buy some Bitcoin to add to their either personal portfolios or their their corporate balance sheets, but to have them come down and be intrigued, and then to spend, you know, a few days here on the first trip, and then very quickly, booking a second trip and coming down for a week, and then a third trip for two weeks. And you sort of look around the country, and yeah, it's sort of, it's an entrepreneur or investors Paradise, and uniquely, and I think this is a really important thing, is in many of the areas that you're investing in, you're also building up the economy, which is helping a lot of people. So, you know, you're not just greedy profiteers, foreigners coming in and taking advantage of of a, you know, a great investing climate, but you're, you're able to provide real value and real infrastructure and things that the country needs, and then employ locally and build people up. So, you know, as investors, that's, that's a pretty unique, you know, unique environment to be able to do both like that. So, yeah, it's been, it's been really fun for me and to bring you know, clients down and to see them really get excited to invest and feel good about where they're investing and the the outcome of what their capital is ultimately, you know. So,

Mike Peterson:

No, I think between you and your brother and sister and your father, just like the the amount of people that you've exposed to El Salvador and investment that you've helped usher in, it's been super impactful. Thank you.

George McBride:

They watch it. I appreciate it on behalf of the family. But, you know, it's, I really enjoy promoting El Salvador like we really believe in this. We're all in as a family, right? And we're not just sort of tire kicking, as you've you've pointed out, but I also get a bit of a pleasure, you know, making people in Canada realize that the way that this place has been positioned to them is so, so wrong and and it's exciting just to open up people's minds to what's actually going on down here, because it's there's no place on on earth like like El Salvador right now, there just isn't.

Mike Peterson:

No I definitely agree. So getting back to SatStreet. If you could lay out just in kind of like simple terms, who are the clients that can benefit from your guys' service? Who are you looking to serve? You know, whether that's now or what your roadmap is for the future? You know, we have a lot of people that watch this podcast, that are already living here in El Salvador. We have others that have plans to move down here eventually. For a lot of them, buying real estate, vehicles, things like that, that they want to spend Bitcoin to do is a big part of, you know, just the practicality for them of moving down so sure if you could lay out who you can help, who you can't that sort of thing.

George McBride:

Yeah, no. And I appreciate. The opportunity to lay it out. So look at SatStreet like an exchange, but we focus on big transactions. So anyone that's looking to buy or sell Bitcoin in amounts ranging from 50,000 to anything really on the high end. So yeah, real estate is a natural area where you're moving larger amounts of money. So if you're some a Bitcoiner that's looking to buy some land locally, and the seller still wants dollars, we can help facilitate that transaction. Get in the middle, you know, convert, convert the dollar, the Bitcoin into dollars. Work with you and your local banking relationships to get those funds into your account quickly and smoothly. That's a lot of what what we do locally. If you know you're a family here, or an individual that's looking to learn about Bitcoin, maybe make an investment in Bitcoin. You know, larger investment. You know, we're here to help with that too. Absolutely, I like to be really careful that, you know, it's not as if we, we, we just want to deal with people that are ready to go right away. You know, I really enjoy meeting people and and and educating them on Bitcoin. So if you're someone that just is sort of flirting with the idea of maybe making a larger investment, you know, I'd be happy to work with you and and share, share our experience. So yeah, buying, selling Bitcoin, we also facilitate stable coin transactions in the country. That's a big part of money moving around the world right now. So if you're needing to off ramp stable coins, you know, we can support that as well. And, and then, you know, on things like custody, you know, we're big believers, and not your keys, not your coins, and we absolutely settle directly with individual wallets. But for some folks, that's an intimidating part of the process, especially if they're not, you know, very, say, technologically advanced. So we can also help you understand the custody options, how to get set up with wallets and different things. And so look at us as as a, you know, a high touch, white glove partner in the Bitcoin space. And anyone that's looking to buy or sell in size, we would love, would love to work with you, and even those that aren't, you know, I can point you in the right direction to, you know, maybe an outfit that would be a good fit. So just, just on, like, a practical level. And I'll use myself in his example one, one of these days in my life, I'm gonna, I'm gonna get my full size Land Cruiser. That's, that's been, always been, my, my dream car to have, and so good taste I would, I'd prefer it to cost one, you know, more in the range of one Bitcoin then now it's getting close to two Bitcoin at the current price. So it probably won't happen anytime soon, but, but when I, when I'm ready to do that, and I want to buy it from the dealership here and and they are still in the dark ages and still not accepting Bitcoin as Toyota dealership here in El Salvador currently. Is what could I come to you guys and say, hey, I want to buy this land cruiser. Can you facilitate and how would that work on just like a practical level, what would be the steps? I'm not currently a client. I'm Yeah, yeah. Who needs to be onboarded? So there's different ways we can do it. So in the example of, let's say, an automotive purchase, we'd be facing you, either personally or through a corporate entity that is making the purchase. But let's say, to keep it simple, you personally, we'd onboard you personally. We can get you up and running, you know, generally, same day, as long as the documents are in order and so on. So we're able to move very quickly. From there, you'll be provided with a SatStreet Bitcoin wallet address. Will you'll let us know the purchase price of the vehicle, will, you know, instruct you with the amount of Bitcoin that's required to receive that amount in dollars? We'd receive the Bitcoin. We'd Execute the order into into dollars, and then we would deposit directly into your local bank account here in country.

Mike Peterson:

What if I don't have a bank account?

George McBride:

Well, we would have to settle somewhere. So it would either be here because that,

Mike Peterson:

because that's one thing I've run into the banks here. I took me 10 years to open one, and then when I finally had one, I was swore I would never deal with them again, because, yeah, they're brittle. It was such a headache. So could you settle directly with the car dealership? Or then do they have to become your client?

George McBride:

Yeah, so technically speaking, we would have to onboard, so if you don't have an account, I'll have to onboard the receiving side as well. So we, and we do do, in fact, in Canada, we've onboarded car dealerships and things like this, so they it enables them to accept Bitcoin payments. So we have experience doing that, and we could do it here. But yes, in that case, we'd have to. Either onboard the dealership itself, or, if it's a private sale, the seller of the vehicle, which we can do. And I, like I've done that with real estate transactions, because there's sort of two ways you can do those. You can either just onboard the buyer, convert the Bitcoin into dollars, and then deposit those into their account. And by the way, we can deposit, not just in El Salvador. We can deposit to US bank accounts. Bahamas came in internationally, the only place that no we can still do the US, but you have to be, you have to have an address outside of the US. So we can't face US citizens and residents, residences directly. But in that case, so in you know one way is to settle with the buyer and deposit to their desired bank account in their name. The other option is we onboard both the buyer and the seller, and that gives us flexibility to ultimately settle into the seller's account. If that's easier again, that that's great. If, if you can get the seller comfortable with the idea of receiving Bitcoin as a form of payment, but we can be very flexible and in working with both sides of a transaction, and I've done a lot of those too.

Mike Peterson:

So, so what, what are, what are some other use cases that I might not be thinking of, or what are you see is like the most potential as far as growing this business in El Salvador, what are you excited about and focused on?

George McBride:

Well, we're going to be rolling out, I'd say, a few adjacent lines of business that I want to be careful to not over promise and under deliver here. But there's some things that we're actively, you know, moving ahead on, and one is in the real estate side of things, specifically, sort of Escrow type, type services that for especially foreign buyers. The way that real estate transactions are settled here is is somewhat it can be a little bit uncomfortable and not how there's no there's no escrow, there's no escrow. So we've come up with a novel solution to that. And, you know, I know there's been others that have flirted with the idea of building something like that out, but there hasn't really been, at least as far as I've seen, yeah, I don't know a group that's executed on it, and we're going to, we're going to be able to do that, so I want to be careful about timing on it, because it's something but we're working on it, and we should have a pretty compelling escrow solution in El Salvador for foreign buyers, so that it's more in line with how they're accustomed to buy making real estate purchases in country.

Mike Peterson:

Are you guys considering any type of title insurance that would go along with that, or is that

George McBride:

the insurance side is too far. It's, I would say, for now, it's one step too far in terms of what I'd be comfortable, you know, again, making promises on but, yeah, all of these areas are things that we're looking at and but, but as far as the way that we are looking to roll it out, it's going to be a big step above the way that things are done right now, and there should be, you know, additional comfort for for buyers and sellers, frankly, in these transactions. So stay tuned, I guess is what I would say on that one. And I'll keep you posted, and maybe I'll come back once we have that that really flushed out and formally rolled out in country, but I'm pretty excited about that. The other thing that is always interesting to me is the lending side of Bitcoin, because who wants to sell their Bitcoin, right? But that's an area of business that we've stayed away from at sad Street in Canada and elsewhere for a number of reasons. You know, from a risk perspective, there's there's concerns, and, you know, the counterparty risk and liquidation mechanisms and so on. If Bitcoin drops quickly and cost the custody side, there's just a number of areas, but it's the that space has matured and, you know, and we through, we have, we have appetite from some investors that are looking to to lend Fiat against against Bitcoin. So we're behind the scenes, also working on something there. So again, I don't mean to be too cagey about it, but, but, but I also want to be careful not to to, you know, get, get ahead of myself here in terms of what, what's coming. Those are areas that I think we can add a lot of value. Would be on the lending and, say, the Escrow side, in addition, above and beyond what we're already doing, which is supporting big or large Bitcoin and stable coin transactions in and out of the country.

Mike Peterson:

So I know, obviously your dad's a big believer in El Salvador, and, you know, kind of, I think through that the rest of your family. But I'm curious as what the reception was from the the other the partners at the at SatStreet that it did. It take a lot of convincing. What was the initial like, Wait, why would we focus. On El Salvador. It's a small country, you know, with a very checkered past, yeah.

George McBride:

Well, I think so we're very cautious as a business when we go into any new jurisdiction. You know, as I mentioned, our first leap was to the BVI, which enabled us to open up a channel

Mike Peterson:

British Virgin Islands?

George McBride:

Yeah, British Virgin Islands. But you know, we're, we're very, we're very careful and calculated about which jurisdictions we enter from a risk perspective and everything else. So it was, you know, my job in this was when, when I came down and I felt very comfortable from a business perspective, yeah, there's, there's a bit of selling to do there with, with the rest of the group. But it doesn't take much, right? You just you get them on a plane, and they come down and and then all of a sudden, you look around, and it doesn't take long for free to get get comfortable, and we lay like one of the big areas is regulatory, right? And seen ad, and that specifically the digital asset service provider infrastructure was very attractive, and we were very impressed with their approach to local regulations and even how they dealt with us as a firm. You know, dealing with regulators in Canada is it's not just tough, because regulators should be tough, you know, it's, you know, to some extent, like, you hope that it's not just the Wild West, right, but it goes too far, and there's this attitude to keeping things at a no or rejecting, versus how can we work together to get to a yes and like, that's a big theme here. I've noticed, and and certainly with the local regulatory bodies here is, is okay, guys, you want to come down here, we'll, we'll take you seriously. But you know you have to, you know you have to build, build this the right way, and, and, you know, adhere to our, our rules and regulations, but as long as we can get there, we'd love to have you right versus just No, no right, which is often so we've, we've, you know, we've gone through multiple regulatory processes in different jurisdictions, and we're fortunate. We've always been successful because of the way that we operate. And again, from a risk perspective, regulators tend to be very comfortable with SatStreet, but down here was certainly they were tough, no, no doubt about it, but, but they were open to work with you and and that is the the business climate down here is it's not just cutthroat competition like you see in North America, and what we're accustomed to, it's it's there is this attitude that we're all building something together. And it's not to be cheesy, but it's true, right there we are on the frontier of something, and we're all working and building together towards a common goal. And with that attitude, whether it's from the government or the regulatory environment, or even local competition, where it's like, how can we collaborate if there's a problem? How can we, you know, as as local companies that are in this together, how can we maybe work together to get something done for someone versus, you know, all for me? So again, there's just nowhere on earth like that that we've seen or been to so, yeah, to answer your initial question, did it take some selling, a little bit, but not, not much, right? You just have to come down and feel it for yourself.

Mike Peterson:

Yeah. So one, one thing that that I that we've run into recently as we're doing some some projects in both punto Mongo and here in El Zonte, to open up a couple, you know, little boutique hotels that are very Bitcoin centric. And doing everything in Bitcoin is there's still a need for Fiat because, like, we can't pay the payroll taxes in Bitcoin, unfortunately, and that's really the biggest hang up, that's, that's, I think, the, really the only thing we found that we, you know, the employees are being paid in Bitcoin. Everything else is done in Bitcoin, but we have this hang up with that. Do you see is that something that maybe SatStreet could come in and serve as an intermediary. I know the government was prohibited from accepting taxes in Bitcoin by the IMF agreement, but I don't see any reason why they're just the same way as a lot of places, people pay their taxes with credit cards, and there's a intermediary that, like takes a fee from that and passes along to the government and Fiat. Is that something?

George McBride:

Yeah, maybe, in theory, we could do it. I don't see why not, and I like that your your team me up with some some good business ideas. Yeah, awesome.

Mike Peterson:

Well, to help me out too, it's a pain in the butt. Yeah? Like, hey, if we could just do everything in Bitcoin, it makes things so simple. But then when you got to go back to fiat for things that,

George McBride:

Yeah, well, I would say, in short, with something we could look at for sure, you know, we'd have to iron out the details and make sure, from a regulatory perspective, that that we can do it, or the local laws, etc. But I don't see why not. That would be a natural fit, and something like that is something we've done, again in Canada, as I mentioned, with like car dealerships and other luxury you know, sellers of various goods and services, is we can bolt on to the side of your business so that you can accept Bitcoin and, you know, stable coins, let's say, and you know, you can decide, as a business if you want those funds to remain in Bitcoin, or whether you would like us to convert those into dollars, or a mixture of both. You know, one of the Trojan horse ways that I've, I've orange pilled companies in Canada, is, you know, we'll start it off by saying, Hey, we can help you receive Bitcoin. And don't worry, you can immediately convert it into dollars if you're not comfortable holding it, and we can deposit it directly into your local accounts. But then we start, then we start talking about, but, you know, have you considered holding Bitcoin on your balance sheet, as you know, a diversified approach? So , Or they see, like, what they converted if they hadn't converted, oh yeah, how much better off they'd be, like, a few years down the road. That's the thing about Bitcoin that I've whether it's companies or anyone else, it, for most people, it's just a number on a screen, and they haven't touched it, felt it, bought it, received, held it, custodied it in a wallet. And until you do, it's nothing more than you can't really blame people for just looking at it as this, like, really volatile, speculative, abstract thing, yeah. So, you know, yeah, that's why, one of the things we love to do with with folks that, even on a personal level, is, we'll say, you know, Jim, I know you're not a Bitcoin er yet, but you got enough dough to buy some and, you know, why don't you? We'll get you set up with a wallet, buy one Bitcoin. We'll send it to you and just sit with it for a year, you know? And that, just that process really opens people, people up like and that's, I know it's a big thing, is actually using Bitcoin because it becomes a real, real tool. But for even mainstream, larger businesses, you know, talking like local automotive companies in El Salvador, local real estate companies, I'm going to be knocking on their door because, you know, once they once they're able to even just receive it and maybe initially converting it into dollars like they're accustomed to, it's a great way for them to get feel comfortable with the technology and realize it's a real medium of exchange and tool. And sorry, I'm sort of getting myself going,

Mike Peterson:

No, no. I think the especially the car dealership, I think there's a huge opportunity there. And those you know, are fairly big purchases. I mean, you're, you're talking, you know, any anything from, like, you know, a quarter of a Bitcoin to, you know, a couple Bitcoin, you know, depending on the vehicle. And so I think that, you know, things like that could could open up, you know, a lot of opportunities, and then then it's like a no brainer for them. It opens up new customers. Because, I mean, I've literally gone in the dealerships have been ready to buy something, and they wouldn't accept Bitcoin, and I walk away, and I guarantee you, I'm not the only 100% if they have that ability to, you know, service their customers in a way that they're comfortable with it first and then with a long term goal of getting them to actually not go back to and realize,

George McBride:

Yeah, yeah, absolutely. So I'm, I give you my word on your show here that I'm going to work on that.

Mike Peterson:

All right, all right, hopefully, by the time Bitcoin has gone on its next run and I'm ready to get my land cruiser, we'll use your services absolutely anything else that we've like missed, as far as your experience here in El Salvador or SatStreet, or kind of the direction you guys want to take things?

George McBride:

No, I again, I appreciate the amount of effort to even allow me to lay out what we can do. I think we covered, covered most of it. I do have a few shout outs. Yeah, I'd love to make you know Stacy Herbert and Max Kaiser have been phenomenal supporters of SatStreet. You know, I've been dealing with Stacy for a few years on different things and, and she, she's just been a great, great friend. And recently, Max and I have grown, you know, pretty close here. And, and we're, we've done a couple great events together. We did a local surf event, La Cajita Express, which was just so much fun.

Mike Peterson:

I was bummed. I was in Colombia that week for the Medellin Bitcoin Conference during the Yeah, so I wasn't here for the event, but I heard another one. Well,

George McBride:

Yeah, we're doing another one.

Mike Peterson:

So in April, right?

George McBride:

Yeah. I believe. So I gotta double check the dates with Max. But that. Was, to me, such a great experience, because it was, it was an opportunity for SatStreet to get more boots on ground and the local surfing community and contribute. And just to see, you know, be able to the contestants to walk away with a bit of dough and make, you know, make an impact there. And just the whole vibe at the La Cajitas' is just so, so awesome. So I can't recommend that that place enough, but, but I'm excited to do more more, you know, those sorts of events that are a bit more in line with with the community as well, and giving back on the ground level to some extent, and also the culture. Because, you know, we're all running away from places like Canada and like, you don't want to make it Canada here, no, right? So you got to keep the fabric of this place. So that was such an awesome experience. And then, you know, Max and Stacy, they actually set up a meeting with the President.

Mike Peterson:

Oh, yeah, we got to cover that. Oh, we got the photo up there.

George McBride:

Yeah, that was clean up. Nice. Yeah, thanks. That was a that was a pinch me moment, and it was such a privilege and honor to meet the man. And, you know, I've met, you know, other politicians. I haven't met presidents, let's say, but high level folks in the US and Canada before and without naming names, but like, it's very rare that you meet any politician that's actually authentic and genuine and patient and listens. And that was what that meeting was. We got to sit down for almost an hour or 45 minutes to an hour, and talk about SatStreet and our family and the different businesses and so on. And it was just, it was really, really, it was a really good feeling to see that he he was everything, that he wasn't anything different than, than, than what you'd seen online, which is often the case with, you know, folks in politics and so that was just such an honor for me, And,

Mike Peterson:

Was there anything that surprised you, or that kind of like stood out?

George McBride:

About him? No, I would say he I was impressed with his depth of knowledge in, you know, the different areas. It seems like he's got his fingers in everything in a good way, and that he understands things intimately at the highest levels and at the most granular levels. So that was that impressed me quite a bit and more so just his willingness to listen and ask, you know, smart questions, really, about what we were doing down here, and his willingness to be helpful in a genuine way, you know, and wanting to, if we can be helpful to his, his, you know, focus down here and building up the country, he offered his his support and help. And that was just such a, you know, a rewarding and again, and just such an honor to to have the opportunity to sit, sit with a man like that and and for him to, you know, been that way, yeah, for lack of better way of describing it.

Mike Peterson:

No, that's super cool. Where else can you go and do business and be able to sit down with the President, yeah, and, yeah, and have him kind of care on that level. And I'm sure Max and Stacy, you know, were instrumental in helping put that they were together, yeah?

George McBride:

So shout out to both of them and and all the good work that they're doing in the country, and helping bring companies like ours down here, and many others, you know, I'm starting to notice the sort of first mover, you know, that that's wearing off. There's a lot of people coming here, and a lot of companies that are taking a serious look, and it's great. But, you know, just one more little side story. So I had actually met with Yusef, his brother, but a week before, coincidentally, and he said something that I I really appreciate it. He said something like this, place has a wonderful self filtering mechanism, right? Because the world still looks in at El Salvador and, you know, based off of the danger, and, you know, the other narratives that they spin about the place and the government. But that's a good thing, because we don't want, you know, everyone else coming in all at once, and you know, they we it take. They want certain type of people. They want people that actually hop on a plane because they're so fed up with where they're coming from and are motivated enough to come and experience a place themselves, regardless of what, what's been jammed down their throats in their local media is that, like that takes a really unique type of person or business and, and it draws real, you know, like minded thinkers and and the right type of builders, and that's what this place has. So shout out to Yusef too. That was I. Really appreciated that, that takeaway, and I couldn't agree more, but at least at some level, once we've built the the infrastructure and that it's at a point where it's strong enough to withstand the profiteers coming in, yeah, you know, and I think we're doing that.

Mike Peterson:

So well on your next meeting, tell them they need to do one of two things, okay, either make it so we don't need to go to fiat at all, or get the banks in line here, because the banks here some of the worst banks in the world.

George McBride:

It's banks. Banks are tricky everywhere they are, and, yeah, I got to be careful, because I work with him pretty closely, but,

Mike Peterson:

I'm saying it not you.

George McBride:

Yeah. But I think, I think the world's changing, and, you know, we're undergoing pretty big shifts globally, as we're seeing in real time. There's a lot of discomfort with that in the short term. But ultimately, I think things like banking are going to, are going to improve and fall in line with technology, because you can't or

Mike Peterson:

just be obsoleted.

George McBride:

Yeah, exactly.

Mike Peterson:

My words, not yours. Well, they're gonna get, they got to get, they got to get in line with what's coming, or they'll, they'll go away...

George McBride:

You know, And so you have a window to to either pivot and, you know, and incorporate these technologies in your systems, or get left behind.

Mike Peterson:

So, well, sweet. Well, I appreciate you coming in today, and it was fun. I think we'll be able to listen one episode, unlike your dad's, which we had, you know, splitting two.

George McBride:

I have learned a little bit from him to ramble on a bit, but that's good to hear that I'm only on there's not a part two. That's yeah, but thank you so much.

Mike Peterson:

Well have to do a part two, but that will be an update on SatStreet. I would love that be after you've onboarded all the car dealerships and got the government tax thing.

George McBride:

I really put myself on the line here to follow through there, and I plan to so. So thank you, Mike again, for your time and and for everything you've done for this country. And it's, you know, we wouldn't be here with without guys like you.

Mike Peterson:

So thank you. I know it's been a it's been a privilege to be a part of the roller coaster, but for viewers, listeners, hit it. Hit up George and ask him if he's got those car dealerships and tax payments online yet.

George McBride:

Yeah, for folks that do want to reach out, as I mentioned, you know, don't, don't hesitate to shoot me an email directly if you want to even just chat about El Salvador. Like, to me, I'm, I'm excited to speak with folks that are exploring that this place, and want to hear, you know, just sort of some real experience of what it's like to have a family here and roll up businesses here and everything else. So don't hesitate, and maybe I don't know why

Mike Peterson:

You give me your email, and then we'll also put it in the show notes.

George McBride:

Sure. So it's George at satstreet.com,

Mike Peterson:

and is that George with a J or with a G with a G? Okay, for now, for now,

George McBride:

except to be jorge@satst.com pretty soon. But yeah, george@satstreet.com our website's www.satstreet.sv that's our El Salvador website. And then that will link to our Canadian website as well from there.

Mike Peterson:

So then are you on Twitter?

George McBride:

X, yes, my ex is at George McBride, underscore, and then our, our SatStreet business account is at SatStreet, S, V, okay, perfect.

Mike Peterson:

Thanks, Mike, awesome. Well, thank you, George, and we'll, we'll have you on next year. You can tell us all the amazing things you've accomplished.

George McBride:

Awesome. Sounds great. Thanks, everyone.

Mike Peterson:

Hey guys. As we wrap this podcast, we want to let you guys know about an effort we have to support Andy's family, something that we decided we wanted to do because of how much Andy was a part of everything was as we open the Bitcoin Beach suites, we are going to give 100% of all the revenue that comes in in the first two months to Suez and Maven to make sure that his family supported. And so please keep remembering them in your guys' prayers. But also, if you get the chance to come here to El Zonte, this is a way that you can help support their family by by booking over there at the sweets and we'll make sure all that revenue goes to them, paid to them in Bitcoin.