Samson Mow, founder of the digital infrastructure company JAN3, believes several countries could soon follow Bhutan’s lead in adopting Bitcoin as a national strategy. He specifically points to the Philippines and Indonesia as prime candidates.
Bhutan: A Bitcoin Success Story?
Mow highlights Bhutan’s remarkable transformation. He claims that by using Bitcoin mining to monetize its geothermal energy, Bhutan has gone from a poor country to one with the highest Bitcoin per capita globally. This revenue, according to Mow, is already funding major infrastructure projects like a new airport – something previously unimaginable for the nation.
The Philippines and Indonesia: Untapped Potential
Mow argues that the Philippines and Indonesia, both possessing significant untapped geothermal energy resources, could replicate Bhutan’s success. He sees a huge opportunity for these countries to use Bitcoin mining to generate revenue and fund national development initiatives, similar to Bhutan’s airport project. This could involve investing profits from mining into infrastructure like roads and hospitals.
The Trump Effect and the Race to Bitcoin Adoption
Mow believes a US executive order suggesting a strategic Bitcoin reserve has spurred other governments into action. He says this has created a sense of urgency, with countries potentially accelerating their Bitcoin adoption plans to compete with the US. However, he acknowledges the inherent slow pace of government processes, warning that legislative changes can take considerable time.
Challenges and Opportunities
While Mow is optimistic, he recognizes the challenges. The complexities of government bureaucracy and the ever-changing landscape of technology and markets mean that countries need to act quickly to capitalize on this opportunity. Despite these hurdles, Mow’s involvement in discussions with Indonesian officials, including Governor Ridwan Kamil, suggests a real possibility of Bitcoin adoption in the region.
The Bottom Line
Whether the Philippines and Indonesia will embrace Bitcoin remains to be seen. However, Mow’s insights and active engagement in these discussions suggest that the possibility is gaining significant traction.
