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

Is Taiwan Next to Adopt Bitcoin?

Samson Mow’s advocacy for Bitcoin stems from his extensive experience in pushing for its adoption at the national level, as evidenced by his previous involvement in El Salvador’s Bitcoin initiatives. According to Mow, the adoption of BTC could bring similar economic benefits to Taiwan, including a boost in tourism, GDP, employment, and foreign investment. “The nation-state playbook is there to copy/paste, and JAN3 is there to help,” he asserted during his keynote address.

During his keynote, Mow said, “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 tons—to the UK’s 310 tons, noting that Taiwan holds about 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 reserve versus the UK’s. Taiwan has 422T versus the UK’s 310T. So Taiwan has ~35% more gold. The UK has 61,245 BTC. So Taiwan should also have 35% more,” Mow noted.

The proposed investment in BTC would represent less than 1% of Taiwan’s GDP, a figure Mow flagged as both strategic and prudent. He emphasized the feasibility of this investment by citing 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 Thursday via X.

Apparently the idea has not yet reached the higher levels of government. Mow revealed through X: “Someone told me that people from the TW government listened to my lecture. Let’s see what happens.”

The implications of such an investment have sparked widespread debate 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.”

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This discussion follows an intensified global race to nationalize BTC reserves, which was recently highlighted by former US President Donald Trump at the 2024 Bitcoin Conference. Trump advocated for the US to create a “strategic national stockpile” of already confiscated BTC to secure a leading position in global adoption.

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

At the time of writing, BTC was trading at $57,389.

Main image by X @Excellion, chart from TradingView.com