Bitrabo Editorial
Samson Mow, CEO of Bitcoin technology firm JAN3, suggested at the 2024 Asia Blockchain Summit that Taiwan should invest in 83,000 units of Bitcoin to include it in its national reserve strategy, aligning with the country’s substantial gold reserves surpassing those of the United Kingdom.
Potential Adoption of Bitcoin by Taiwan
With his background in promoting the adoption of Bitcoin at a national level evidenced by his work in El Salvador, Samson Mow proposes that Taiwan could reap similar economic benefits from embracing BTC, such as enhancements in tourism, GDP, employment, and foreign investment. Mow stated that Taiwan could follow existing national strategies with support from JAN3 to facilitate the adoption of Bitcoin.
Mow suggested that Taiwan should aim to possess 83,000 Bitcoin for its reserves, drawing a correlation between Taiwan’s 422 tonnes of gold and the UK’s 310 tonnes of gold, asserting that Taiwan holds approximately 35% more gold. He argued that Taiwan should therefore also aim to have 35% more Bitcoin than the UK’s 61,245 BTC.
Mow explained, “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.”
The proposed BTC investment would represent less than 1% of Taiwan’s GDP, a proportion that Mow considers both strategic and sensible. He likened this investment to Taiwan’s military expenditure, which stood at 2.6% of GDP the previous year. Mow highlighted that dedicating 1% of GDP to Bitcoin for Strategic Bitcoin Reserves would be a judicious move.
Although the proposal has yet to reach the higher echelons of the government, Mow noted, “Someone told me that there were some people from the TW government listening to my talk. Let’s see what happens.”
Experts have engaged in a comprehensive conversation regarding the ramifications of such an investment, with one user (@VeteranHODL) commenting, “Bitcoin would add resilience to the Taiwanese financial system during a potential [Chinese] blockade. It’s insurance of the highest order.”
This discussion aligns with the global trend towards the nationalization of Bitcoin reserves, as recently highlighted by former US President Donald Trump at the 2024 Bitcoin conference. Trump advocated for the US to establish a “strategic national stockpile” of confiscated Bitcoin to secure a leading position in global adoption.
Johnny Ng, a member of the Hong Kong Legislative Council, also expressed support for Bitcoin as a reserve asset in Hong Kong, emphasizing its potential as a valuable economic safeguard.
Currently, BTC is trading at $57,389.