Samson Mow Discusses the Growing Presence of Bitcoin in Latin America
In a discussion with Forbes Central America, Samson Mow, CEO of JAN3, a Canadian video game developer and renowned Bitcoin expert, shared his insights.
Mow is notable for his role in strategizing Bitcoin adoption in El Salvador. During the interview, he emphasized the key factors driving Bitcoin adoption and its growing influence in Central America.
Mow commented:
Bitcoin is the only truly decentralized crypto and it is relevant to know it. In Central America we have seen - with the case of El Salvador, which has it as legal tender - more and more presence throughout the region, we identified that it is being used in a notable way in each country, with a significant boost in adoption. In Costa Rica there is already a large community, and it is growing.
He also suggests that banks are facing a significant challenge, teetering on the brink of an existential crisis. This is largely due to the escalating costs associated with compliance and regulatory oversight.
As a result, banks are struggling to adequately serve their clients, as meeting the demands of surveillance and control systems incurs substantial expenses. This situation is leading to an unsustainable business model for banks.
Mow proposes that banks are approaching a crossroads where they must choose between their current operations and truly serving their customers, with Bitcoin emerging as a viable option.
He describes Bitcoin as "a savings technology, it is a way to save and generate wealth over time." And advises people to look beyond Bitcoin's volatility, emphasizing that its value has consistently risen over the long term.
Mow emphasizes the importance of progressing towards embracing Bitcoin, highlighting its global significance as a widely used currency. He advocates for the freedom that comes with using money that doesn't require permission from any entity.
He also notes that tourism has played a pivotal role in increasing Bitcoin usage in Central America. In countries like El Salvador and Costa Rica, the number of communities accepting Bitcoin as a payment method is expanding, paving the way for policies that facilitate its more liberal usage.
Mow explained that a key strategy involves engaging in dialogue with politicians, governments, and central banks.
If governments and these sectors do not understand what Bitcoin is, they will do negative things, such as banning it or laws that limit its use. Money must be free to flow, for a country to be prosperous, we typically see those that have the best capital attraction policies, that produce more jobs and a very dynamic economy. Central America seems to be the ideal place for the implementation of adoption of Bitcoin, as it seeks to attract investments to the region. The key is to develop this strategy and thus attract the global Bitcoin industry.
In Colombia, President Gustavo Petro met with Bitcoin experts, including Mow. Petro announced plans to integrate these technologies into public administration and community-based cooperative work, particularly in the popular economy sectors, to enhance their capabilities. He views these technologies as having promising future developments for community prosperity.
In Argentina, President-elect Javier Milei has proposed radical economic reforms, including the abolition of the Central Bank and dollarization of the economy.
Mow sees this move as aligning well with Bitcoin adoption, similar to El Salvador's approach. He suggests that for Argentina, transitioning to Bitcoin could be a solution to its various economic challenges, potentially helping to eliminate national debt.
Mow believes that Bitcoin adoption in Argentina could have a more significant impact than in El Salvador, given Argentina's considerably larger economy.
The risk is staying in the same place and not moving to the adoption of Bitcoin. People believe that this crypto is risky, but Bitcoin is the only one that is secure on the planet today, because it is based on mathematics and in energy, guaranteed by the laws of third world countries. So the future trend is Bitcoin, because Bitcoin is money.