Samson Mow, CEO of JAN3, believes that El Salvador’s adoption of Bitcoin (BTC) as legal tender can catalyze global BTC adoption. Under President Nayib Bukele’s leadership, El Salvador became the first country to embrace BTC in 2021. In an interview, Mow acknowledged the challenges of ramping up Bitcoin adoption among millions of people but highlighted El Salvador’s significance as a “beacon” that could inspire other Latin American countries to follow suit.
A Beachhead for Bitcoin:
Mow sees El Salvador as a foothold for Bitcoin recognition and expressed optimism that other nations, including Guatemala, could quickly adopt BTC. He noted that Guatemala’s legal system allows using foreign currencies as payment, making it a potential candidate for embracing Bitcoin. Mow emphasized the importance of more countries adopting Bitcoin, as it would counter the advancing trend of central bank digital currencies (CBDCs).
Promoting Bitcoin as Money:
According to Mow, telling people that “Bitcoin is money” helps them grasp the concept more easily than framing it solely as a commodity. El Salvador’s adoption of BTC provides a tangible example of Bitcoin’s potential as a medium of exchange, driving interest and understanding.
Countering CBDCs with Bitcoin:
Mow emphasized the need for Bitcoiners to fight against the increasing adoption of CBDCs with BTC. He argued that Bitcoin is the most effective tool for countering the advance of digital fiats. Mow’s advocacy for Bitcoin aligns with his belief that it can be a game-changer for countries rich in geothermal and hydroelectric resources, enabling them to become prosperous nations comparable to Saudi Arabia or the UAE.
International Bitcoin Collaboration:
El Salvador’s Bitcoin adoption has attracted the support of prominent figures in the Bitcoin community. Notable Bitcoiners, including Ricardo Salinas Pliego and Max Keizer, joined the Salvadoran government. Saifedean Ammous, the author of “The Bitcoin Standard,” was appointed as an economic advisor to the Salvadoran National Bitcoin Office. These collaborations highlight the growing interest in Bitcoin and its potential to revolutionize economies.
Samson Mow’s belief that El Salvador can serve as a model for global Bitcoin adoption underscores the significance of the country’s decision to embrace BTC as a legal tender as other nations observe El Salvador’s pioneering move, the possibility of widespread adoption increases. The battle against CBDCs and promoting Bitcoin as a viable alternative currency are key objectives for Bitcoiners worldwide. Collaborations between international Bitcoin advocates and the Salvadoran government highlight the growing momentum behind Bitcoin’s potential to reshape economies and financial systems.