by The Bitcoin Reserve Podcast on 19 Jul 2023
Listen on your favorite streaming platform
A few hours before US presidential candidate Robert F. Kennedy Jr. announced he plans to back US treasury bills with bitcoin and cancel capital gains tax on bitcoin, we sat down with the CEO of Jan3, Samson Mow. Jan3 is actively educating nation states around the world about what adopting bitcoin could mean for their long-term future.
Samson and the Bitcoin Reserve team discuss:
- Why nation state adoption of bitcoin makes sense
- Why both developed countries and the global South need bitcoin
- Why hyperbitcoinization might happen faster than most expect
- The use case of stablecoins as an intermediate step towards bitcoin adoption
- The advantages of the Liquid sidechain vs. Tron or Ethereum
- The ambitions of Jan3's AquaWallet
- Why Samson thinks CBDCs will fail
How China's bitcoin ban hasn't killed bitcoin in China
Samson's Twitter - https://twitter.com/Excellion
Jan3's Twitter - https://twitter.com/JAN3com
Samson's Nostr - npub1excellx58e497gan6fcsdnseujkjm7ym5yp3m4rp0ud4j8ss39js2pn72a
Jan3's Nostr - npub1jan3xfrvxmd35smylytmnp3ne0sgqh2x47yq766s55zaf6eja4rselx52y
Summary of this episode
In this episode of The bitcoin Reserve Podcast, Samson Mow, CEO of Jan3, discussed the potential adoption of bitcoin by nation states. Mow explained why developing countries have strong incentives to embrace bitcoin as a means to break free from debt crises and drive economic growth.
Developing countries face challenges such as volatile currencies, high inflation rates, and limited access to traditional banking systems. Bitcoin, with its decentralized nature and limited supply, provides stability and security to struggling economies. By adopting bitcoin, these countries can potentially escape debt and achieve financial independence and prosperity.
Mow also discussed the role of stablecoins in bitcoin adoption. Stablecoins, which are cryptocurrencies pegged to a specific asset or fiat currency, can serve as a bridge for countries to transition from their existing fiat currencies to bitcoin. As people adopt stablecoins, they can gain familiarity and confidence in dealing with digital assets, leading to wider adoption of bitcoin.
Mow suggested that hyperbitcoinization, where bitcoin becomes the dominant global currency, could happen faster than expected. The current global economic climate, with mounting debt levels and erosion of trust in fiat currencies, creates a fertile ground for bitcoin's rapid adoption. As more countries embrace bitcoin, the network effect will accelerate, attracting even more nations to join the bitcoin ecosystem.
The impact of central bank digital currencies (CBDCs) on bitcoin adoption was also discussed. Mow believes that CBDCs can inadvertently drive countries to adopt bitcoin. As governments introduce their own digital currencies, citizens may question the need for these controlled alternatives when they have the option of using a decentralized and trustless currency like bitcoin.
Mow also highlighted that despite the ban on bitcoin mining in China and many exchanges having been shut down, there's still a vibrant P2P market in China. Mow also noted that regulatory developments in Hong Kong indicate China doesn't want to fully close the door on bitcoin.
Learn more about our Accessible OTC Brokerage service: