Samson Mow, a big Bitcoin advocate, recently spoke to German lawmakers in the Bundestag, urging them to embrace Bitcoin. He believes that widespread Bitcoin adoption, or “hyperbitcoinization,” could lead to a future where Bitcoin becomes the global currency.
A Three-Step Plan for Bitcoin Adoption
Mow presented a three-step plan for countries to adopt Bitcoin:
- Put Bitcoin in national treasuries: This would help governments diversify their assets and potentially benefit from Bitcoin’s growth.
- Issue Bitcoin-backed bonds:
This could provide a new way for governments to raise capital.
- Declare Bitcoin as legal tender: This would make Bitcoin a legal form of payment, similar to what El Salvador has done.
Germany: A Key Player in Bitcoin Adoption
Mow’s focus on Germany is significant because it’s a major economic power in Europe. If Germany were to adopt Bitcoin, it could set a precedent for other European nations to follow suit.
Global Push and Challenges
Mow has been actively lobbying for Bitcoin adoption around the world, meeting with government officials in Japan, Colombia, and other countries. While his efforts have led to some progress, such as the formation of blockchain working groups in Colombia, the road to hyperbitcoinization is still long and challenging.
El Salvador’s adoption of Bitcoin has been met with mixed reactions, and no other country has followed suit yet. Despite these obstacles, Mow remains optimistic and continues to push for greater Bitcoin adoption at the state level. He believes that with continued effort, the dream of a Bitcoin-powered future is within reach.
