Bitcoin As A Reserve: Samson Mow Urges Taiwan To Buy 83,000 BTC

3 months ago 29

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In a striking proposal at the 2024 Asia Blockchain Summit, Samson Mow, CEO of Bitcoin technology company JAN3, recommended that Taiwan should adopt BTC as part of its national reserve strategy by purchasing 83,000 units of the cryptocurrency. This figure is directly tied to Taiwan’s gold reserves, which are significantly higher relative to those of the United Kingdom.

Is Taiwan Next To Adopt Bitcoin?

Samson Mow’s advocacy for Bitcoin comes from his extensive experience in pushing for its adoption at a national level, as seen through his previous involvement in El Salvador‘s Bitcoin initiatives. According to Mow, adopting BTC could yield similar economic benefits for Taiwan, including boosts in tourism, GDP, employment, and foreign investment. “The nation-state playbook is there to be copy/pasted, and JAN3 is there to help,” he claimed during his keynote address.

During his keynote, Mow stated, “Taiwan’s goal should be to accumulate 83,000 Bitcoin for its reserves.” He justified this specific number by comparing Taiwan’s gold reserves—422 tonnes—to the UK’s 310 tonnes, noting that Taiwan holds approximately 35% more gold. By this logic, he argued, Taiwan should also hold 35% more Bitcoin than the UK’s 61,245 BTC.

“The basis for the 83,000 Bitcoin figure is Taiwan’s gold reserves relative to that of the UK. Taiwan has 422T vs UK with 310T. So Taiwan has ~35% more gold. The UK has 61,245 BTC. So Taiwan should have 35% more too,” Mow remarked.

The proposed investment in BTC would represent less than 1% of Taiwan’s GDP, a figure that Mow highlighted as both strategic and prudent. He emphasized the feasibility of this investment by referencing Taiwan’s military spending, which stood at 2.6% of GDP last year. “A 1% allocation to Bitcoin for Strategic Bitcoin Reserves seems prudent,” Mow said via X on Thursday.

Apparently, the idea has not yet reached the higher levels of government. Mow revealed via 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 a broad discussion among experts. X user @VeteranHODL commented, “Bitcoin would add resilience to the Taiwanese financial system during a potential [Chinese] blockade. It’s insurance of the highest order.”

This discussion comes on the heels of an intensified global race towards the nationalization of BTC reserves, recently underscored by former US President Donald Trump at the Bitcoin conference 2024. Trump advocated for the US to establish a “strategic national stockpile” of the already confiscated BTC to secure a leadership position in global adoption.

Notably, the idea already made its first waves. Johnny Ng, a member of the Hong Kong Legislative Council, also voiced support for BTC as a reserve asset in the country, emphasizing its potential to serve as a valuable economic safeguard.

At press time, BTC traded at $57,389.