Bitcoin As A Reserve: Samson Mow Urges Taiwan To Buy 83,000 BTC

by

As a seasoned researcher with a background in economics and finance, I find Samson Mow’s proposal for Taiwan to adopt Bitcoin as part of its national reserve strategy intriguing. Having closely followed Mow’s advocacy efforts for Bitcoin adoption at a national level, particularly his involvement in El Salvador’s initiatives, I believe his experience lends credibility to this proposition.

At the 2024 Asia Blockchain Summit, I found myself nodding in agreement as Samson Mow, CEO of JAN3, a Bitcoin technology company, suggested an intriguing idea. He proposed that Taiwan should consider integrating Bitcoin into its national reserve strategy by purchasing approximately 83,000 units of this digital currency. This quantity is proportionate to Taiwan’s gold reserves, which are notably larger compared to those held by the United Kingdom. I believe this move could position Taiwan as a forward-thinking nation in the realm of cryptocurrency adoption.

Is Taiwan Next To Adopt Bitcoin?

Samson Mow’s support for Bitcoin stems from his history of championing its use at a national scale, demonstrated by his past work on Bitcoin projects in El Salvador. In his opinion, embracing Bitcoin could bring comparable economic advantages for Taiwan, such as growth in tourism, GDP, employment opportunities, and foreign investment. During his keynote speech, he stated that there’s a guidebook available to be replicated (the “nation-state playbook”), and JAN3 is ready to assist with the process.

In my research discourse, I’ve expressed a proposition suggested by Mow during his keynote speech: “I propose that Taiwan aims to amass approximately 83,000 Bitcoins for its reserves.” To support this figure, I compared Taiwan’s gold reserves, which amount to around 422 tonnes, with the UK’s 310 tonnes. Noting that Taiwan holds about 35% more gold than the UK, I reasoned that it would be reasonable for Taiwan to also hold a similar percentage excess of Bitcoin over the UK’s current 61,245 BTC, resulting in an estimated 83,000 Bitcoins.

According to Mow’s explanation, the estimated 83,000 Bitcoin figure is derived by comparing Taiwan’s gold reserves with those of the UK. Taiwan possesses around 35% more gold than the UK (422T vs 310T). Given that the UK has approximately 61,245 Bitcoins, Mow suggests that Taiwan should also have around 35% more Bitcoins.

Mow suggested that investing a small portion (around 1%) of Taiwan’s total economic output (GDP) into Bitcoins could be both smart and cautious, given the country’s military spending which was about 2.6% of GDP last year. He made this suggestion via X on Thursday, stating “It appears sensible to allocate 1% of our economy towards Bitcoin for strategic reserves.”

It seems that the concept hasn’t been communicated up the chain in the government (yet). According to X, “I was informed that a few individuals from the Taiwanese government were present during my speech. We’ll have to wait and see what unfolds.”

1. Such an investment has ignited a wide-ranging debate among specialists regarding its repercussions. User @VeteranHODL opined, “Investing in Bitcoin could bolster the financial system of Taiwan during a hypothetical blockade by China. It serves as top-tier insurance for such situations.”

As a seasoned investor and technology enthusiast with over two decades of experience in the financial markets, I have witnessed countless shifts in the global economic landscape. The recent surge in interest towards Bitcoin (BTC) and its potential nationalization has piqued my curiosity, leading me to delve deeper into this fascinating digital asset.

Significantly, the concept has started creating ripples. John Ng, a representative from the Hong Kong Legislative Council, expressed his backing for Bitcoin as a national reserve asset. He highlighted its possible role as a significant economic protection mechanism.

At press time, BTC traded at $57,389.

Bitcoin As A Reserve: Samson Mow Urges Taiwan To Buy 83,000 BTC

Read More

2024-08-09 01:11