Samson Mow, founder of Bitcoin-focused company JAN3, recently addressed the German Bundestag in an effort to push for the state to adopt Bitcoin, thus pushing for “hyperbitcoinization” sooner to be able to live in a future where Bitcoin becomes every global citizen’s currency of choice.
Grassroots efforts pick up pace, but the founder cautions that it is only the existence of state-level adoption that will deliver the fiat-free world that many desire to see. To date, El Salvador remains the only country to legalize Bitcoin as a legal form of currency, an ongoing theme of a state refusing recognition leading to it being the space’s biggest opposition.
JUST IN:
Samson Mow speaks at the German Bundestag telling MPs about #Bitcoin adoption for nation states.
LFG!
pic.twitter.com/XYFRNBoLXM
— Bitcoin Archive (@BTC_Archive) October 18, 2024
The 3-Step Strategy
Mow suggested a three-step plan for the adoption of Bitcoin by countries, starting with putting Bitcoin in national treasuries, issuing Bitcoin-backed bonds, and declaring it as legal tender. Such an approach is part of the varied extents of political will. His current emphasis on Germany marks the biggest step that has pushed the discussion to Europe, which carries significant economic might that could act as a precedent for other nations to do the same.
Mow’s Attempt In Bitcoin Adoption In Germany
Mow’s appearance before the Bundestag made news, more especially from Joana Cotar, a Member of Parliament who last November cosponsored a bill to set Bitcoin as legal tender. There are very few reports on details Mow might have discussed.
However, according to reports, the topics were the “chances of Bitcoin nation-state adoption.” If Germany makes any decisive moves to adopt it, then action would re-ignite further conversation about the place of digital assets in the modern economy especially within the European Union.
Dear Samson, thank you very much for your appearance here in the German Bundestag. Great talk, great discussion afterwards!
And I hope my colleagues listen to you in the future: You don“t sell your #Bitcoin!
Lieber Samson, herzlichen Dank für deinen Auftritt hier im… pic.twitter.com/t84L5d4b9M
— Joana Cotar (@JoanaCotar) October 18, 2024
Global Push And Ongoing Challenges
For countries outside of Europe, Mow has met with many legislators around the world, including Japan’s Financial Services Minister Junichi Kanda and Colombian President Gustavo Petro. His efforts worldwide are geared toward encouraging recognition at the state level, making Bitcoin a practicable economic policy. For example, after his visit, the government of Colombia set up working groups on blockchain.
Still, however, the road to “hyperbitcoinization” is not so easy. The adoption by El Salvador has received international scrutiny and as of now, no follow-up has been seen in other countries. Though Mow conquers time and space with the spreading of awareness and discussing the potentiality of Bitcoin at the highest level, much resistance still exists.
Mow’s relentless lobbying, like his speech to the Bundestag, is proof of the relentless effort for the state to officially recognize Bitcoin. More and more countries will venture into this possibility of nation-state adoption, making the dream of hyperbitcoinization all the closer, even amidst obstacles.
Featured image from Pexels, chart from TradingView
