In a surprising proposal at the 2024 Asia Blockchain Summit, Samson Mow, CEO of bitcoin technology firm JAN3, recommended that Taiwan adopt btc as part of its national reserve strategy by purchasing 83,000 units of the cryptocurrency. This figure is directly related to Taiwan’s gold reserves, which are significantly larger relative to those of the UK.
Will Taiwan be next to adopt bitcoin?
Samson Mow’s advocacy for bitcoin comes from his extensive experience in driving its adoption domestically, as seen through his previous involvement in bitcoin initiatives in El Salvador. According to Mow, btc adoption could yield similar economic benefits for Taiwan, including boosts in tourism, GDP, employment, and foreign investment. “The nation-state playbook is there to be copied and pasted, and JAN3 is there to help,” he stated during his opening remarks.
During his opening remarks, Mow stated: “Taiwan’s goal should be to accumulate 83,000 bitcoin for its reserves.” x.com/Excellion/status/1821410666059821106″ target=”_blank” rel=”noopener nofollow”>justified This specific figure is based on comparing Taiwan’s gold reserves (422 tonnes) to the UK’s 310 tonnes, and notes that Taiwan holds about 35% more gold. By this logic, he argued, Taiwan should also hold 35% more bitcoins than the UK’s 61,245 btc.
“The basis for the 83,000 bitcoin figure is Taiwan’s gold reserves relative to the UK’s. Taiwan has 422T versus the UK’s 310T. So Taiwan has about 35% more gold. The UK has 61,245 btc. So Taiwan should have 35% more as well,” Mow said.
The proposed investment in btc would represent less than 1% of Taiwan’s GDP, a figure Mow highlighted as strategic and prudent. He emphasized the viability of this investment by referencing Taiwan’s military spending, which stood at 2.6% of GDP last year. “A 1% allocation to bitcoin for the bitcoin Strategic Reserves seems prudent,” Mow said via x on Thursday.
Apparently, the idea hasn’t reached the top levels of government yet. Mow revealed through x: “Someone told me that there were some people from the TW government listening to my talk. Let’s see what happens.”
The implications of such an investment have sparked widespread debate among experts. User @VeteranHODL commented: “bitcoin would bring resilience to the Taiwanese financial system during a potential (Chinese) lockdown. It is a first-rate insurance.”
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This discussion comes shortly after an intensification of the global race towards the nationalization of btc reserves, recently highlighted by former US President Donald Trump at the bitcoin 2024 conference. Trump advocated for the US to establish a “strategic national reserve” of already confiscated btc to secure a leading position in global adoption.
It is worth noting that the idea has already taken its first steps. Johnny Ng, a member of Hong Kong’s Legislative Council, also expressed his support for btc as a reserve asset in the country, highlighting its potential to serve as a valuable economic safeguard.
At the time of writing, btc was trading at $57,389.
Featured image by x @Excellion, chart by TradingView.com
