The adoption of Bitcoin by nation-states is happening faster than Samson Mow previously predicted, and the CEO of JAN3 believes that a nation-state race to accumulate Bitcoin is just around the corner.
JAN3 is working to accelerate what is commonly referred to as ‘hyperbitcoinization,’ supporting nation-state adoption such as it has in El Salvador. Mow played a key role in developing the nation’s Bitcoin strategy, including El Salvador’s Bitcoin Bonds, and is now working to drive adoption elsewhere.
The great Bitcoin race
Mow‘s most recent comments came in an interview recorded during ‘The Capital’ Metaverse event hosted by CoinMarketCap. As Mow views the economic landscape, Bitcoin presents a golden opportunity for nations with the foresight to exploit its potential;
“I believe we’re going to see a race to accumulate bitcoin on the nation state level,” said Mow in the interview uploaded to YouTube on June 2. “So it makes sense that you want to be an early adopter, in the nation state sense, of bitcoin. You may not be early in terms of individuals, but you can be one of the first nation states to adopt bitcoin and get into accumulating bitcoin on behalf of your citizens.”
Mow further explained how nation-state bitcoinization is occurring at a rate much faster than even he could have expected. Already El Salvador and The Central African Republic have declared Bitcoin legal tender, something the JAN3 founder initially expected could only happen a number of years from now.
“Well I think it’s definitely sooner than I personally would have predicted,” said Mow. “I would have guessed maybe a couple of years from now, maybe three, four years from now, but I’m glad to see it play out on a short time horizon. I also didn’t think we’d see nation-states trying to ban bitcoin, but we also saw that with China cracking down on exchanges, then on mining, but it seems that everything with bitcoin is playing out on an accelerated timeline and it’s definitely interesting to watch.”
Mow also suggested that under such an accelerated timeline now could be a fortuitous time for individual investors to fill their bags.
“Bitcoin prices are under $30K so it’s definitely a nice time to accumulate,” he added.
Where next?
One of the other matters discussed during the event was where Bitcoin might next make the leap to national level adoption. While that remains an open question, with a number of potential candidates, Mow has definite ideas on where JAN3 might next seek to help that transition.
Among the list of top potentials is Mexico. Mexico is the world’s 15th largest economy and the third-largest trading partner of the U.S., the world’s largest economy. Should the country make Bitcoin legal tender it would be a major coup, in the order of magnitudes greater than anything else that has so far preceded it.
Mow is not alone in identifying Mexico as a vast opportunity that could be ripe for the plucking. Mexico is home to the Bitso exchange which is valued at $2.2 billion, making it the first crypto unicorn in Latin America. Tether recently launched MXNT, a peso-backed stablecoin, in an indication of the company’s growing focus in the region.
Mow tends to believe that Mexican national adoption is a real possibility. “I believe you have the foundation there,” says Mow, citing the efforts of Senator Indira Kempis in “paving the way.”
For now, the issue remains speculative, but whatever nation-state follows next, it appears the race to nation-state Bitcoin will only accelerate from here.
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