Samson Mow: "We will see the fall of the fiat system and it will be alleviated by the adoption of bitcoin"

Samson Mow, CEO of a firm that advises governments and private companies on bitcoin adoption (quotation BTC), attended the second day of the Blockchain Summit Latam 2022 held in Panama. In his presentation he harshly criticized the traditional monetary system and assured that bitcoin will eventually be the solution to the problems it suffers from.

"We are about to see the fall of the fiat system, and this can be alleviated by adopting bitcoin", were the words with which the CEO of the company JAN3 and former director of Blockstream raised the audience of the Congress Center of the Panamanian capital. "The world is getting darker, with record inflation numbers and a global recession," he said.

He also criticized the current state of the international monetary system, stating that "the supply chain is falling apart and the only way to fix it is the bitcoin standard."

The cryptocurrency conceived by Satoshi Nakamoto has great advantages, explained Mow, in addition to the fact that in this bear market context there is "less interest and more fear". People need to understand that this is a new form of money without intermediaries and that "it is not about understanding protocol or consensus".

The "fiascos" and "explosions" of recent times (without naming them, it seems that he referred to the Earth and Celsius cases) have contributed to this fear, said the speaker in his dialogue with Javier Bastardo, organizer of the educational project Satoshi in Venezuela. However, he pointed out that bitcoin is different from other cryptocurrencies, "which are decentralized and Peer-to-Peer in name only".

On this issue, decentralization, "there is a lot of theater," he said, but no one is like bitcoin. “There are projects that are parasitic and just try to get rich, unlike bitcoin,” she confirmed.

United States and bitcoin, according to Samson Mow

For Mow, it is not contradictory that states try to bring bitcoin to their side. "They often ask me, but I believe that if there is a state willing to participate in bitcoin as a peer, I think we can work together and educate it." The latter, which is its main contribution to the ecosystem, represents "a form of advocacy on policies and potential laws that could be negative".

As for concrete examples, the entrepreneur said that El Salvador, where bitcoin has been legal tender since September 2021, is a positive model. There, he says, they are working on issues such as an immigration portal for bitcoin investors and also the future Bitcoin City.

As for the bitcoin bonds that will soon be issued in the Central American country, he said they are proof that it is not necessary to resort to the International Monetary Fund to raise money. The appreciation of BTC over 10 years should be enough to repay the bondholders and other debts of El Salvador, which in that case could even become a "debt free" nation.

The adoption of bitcoin is also advancing in Panama, the country hosting the event, where a law that regulates activity related to cryptocurrencies is in an advanced stage.

But the interest doesn't stop there. In Mow's words, “there are many communities around the world that speak to us and ask us for advice, for example in countries like Peru”. When asked about a possible future adoption of bitcoin in another country, he replied that "nothing can be anticipated yet".

However, there are developments in various parts of the world. But he acknowledged that not all cases require the same strategies: "Some nations may not need a bond or enact a bitcoin law, but find other ways to incorporate them."