Under a Bitcoin standard, nation states have more incentive to make better use of their resources, since there is a real cost. This encourages peaceful and diplomatic resolution as the default balance of game theory. Adopting a Bitcoin standard and accelerating hyperbitcoinization may be our best hope for preventing the collapse of civilization and ensuring a free and prosperous future for humanity. Simply put, it can help prevent conflicts and wars fueled by economic competition.
I announced the formation of JAN3 at Bitcoin 2022 in Miami. JAN3, of course, is named after January 3, 2009, which is the day Bitcoin came into existence, also known as Genesis Day.
As our COO, a former Royal Marine named Doogie, told me, establishing a presence in El Salvador was important in establishing Bitcoin and allowing it to put down roots. We made the decision to open an office there for this reason.
For the Bitcoin network to become more robust, it is essential that more countries adopt a Bitcoin standard. Although Bitcoin does not need anyone’s help, it can be accelerated and supported if more countries, territories and cities adopt it. For example, if a country is mining Bitcoin, they are not attacking the network. If a country has made Bitcoin legal tender, they are not likely to try to ban “non-hosted wallets”. In general, having more countries adopt a Bitcoin standard is positive for the network.
Hashing until 2022
2022 was an interesting year for many reasons.
Madeira, the President of Portugal, Miguel Albuquerque, announced the creation of FREE Wood , which gives Bitcoin a foothold in the European Union. The autonomous nature of the Madeira region gives it the ability to make bitcoin a de facto legal tender.
Thriving, Honduras has become one of the most active Bitcoin hubs in the world. President Joel Bombar announced that bitcoin is legal tender in Próspera during Bitcoin 2022. Recently, a Bitcoin space was inaugurated there and a legal framework was established to allow the issuance of Bitcoin bonds.
On April 27, the government of the Central African Republic announced that it would adopt bitcoin as legal tender . This news was welcomed by Bitcoin enthusiasts, but also by the government. announced a project called Sango , which is based on an alternative cryptocurrency. It is clear that Bitcoin adoption in the country has not progressed as fast as some had hoped, but we are hopeful that the Central African Republic will continue to embrace and support the use of Bitcoin.
The crypto market experienced a bear market due to a variety of factors, including the collapse of the FTX exchange, the collapse of Luna/Terra, and the collapse of companies such as Celsius and Three Arrows Capital.
At the Panama Blockchain Conference in July, Towerbank, a leading Panamanian bank, announced plans to offer crypto banking services throughout Latin America and beyond and requested our assistance in implementing the Liquid network. Liquid, a Bitcoin sidechain, allows for the expansion of Bitcoin’s capabilities through the use of smart contracts, without introducing a native token. This relationship with Towerbank is a promising development in the world of crypto banking and could help further establish Bitcoin as a powerful and versatile financial tool.
On October 28, at the Plan B Forum in Lugano, Senator Zury Ríos of Guatemala presented a video for the Bitcoin community in which she expressed her interest in potentially incorporating Bitcoin into her future political plans. She opened a dialogue with the community and invited them to share her thoughts and ideas on the subject. The Savior also announced was opening an office in Lugano, with the intention of exchanging knowledge and benefiting commercially. Through the incredible efforts of Bitfinex and Tether CTO Paolo Ardoino, Lugano is making great progress in onboarding merchants to Bitcoin. They have already made it get thousands of merchants to embrace cryptocurrency, and they continue to bring more.
At the Adopting Bitcoin conference in El Salvador in November, it became clear that the situation with gangs in El Salvador has improved a lot. Citizen security has increased significantly, with a notable decrease in homicides and other crimes. This improvement is a testament to the effective measures implemented to address the problem and bring peace and security to the people of El Salvador.
El Salvador’s economy minister announced a new digital securities bill, paving the way for the country to issue bitcoin-backed bonds. The legislation will establish the National Digital Assets Commission, which will be in charge of regulating issuers of digital assets, service providers and other participants involved in the process of public offering of digital securities.
There’s a lot more to go over, but unfortunately I can’t discuss it yet. Changes are coming and Bitcoin will be a big topic around the world.
Visions for 2023
2023 is shaping up to be a promising year for Bitcoin. In El Salvador, the digital securities laws that will form the basis of the Bitcoin Volcano Bonds have been sent to Congress for approval. These bonuses could be available on Bitfinex Securities very soon.
El Salvador’s star will truly continue to rise. El Salvador has already attracted a lot of interest for its Bitcoin adoption, and many other countries are closely watching how things progress there. As El Salvador continues to lead the way in Bitcoin adoption, we expect it to continue to rise in prominence.
We expect to see more Bitcoin adoption in the coming year as it continues to gain ground despite current lows. The world needs bitcoin, at any price. For those living in wealthy countries, Bitcoin is optional, but for people living in the global south, it’s a necessity. Take note, the gap between the “rich country” and the “global south” is closing fast.
At JAN3, we have received numerous requests from people in different countries for help with Bitcoin adoption. In addition to our work in El Salvador and the Madeira region, we are also focusing on countries like Costa Rica, Ecuador, and more. Last week, Sitiveni Rabuka, the Prime Minister of Fiji, stated that he was considering making Bitcoin legal tender.
Despite the current bear market, we believe there is no better time to build a solid foundation for the future of Bitcoin adoption. The work we do now will lay the foundation for a freer and more prosperous economic future through the acceleration of hyperbitcoinization and the adoption of the nation state.
This is a guest post by Samson Mow. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
NEWSLETTER
