At the starting line: When will the era of Bitcoin nations begin?
Which countries are pursuing Bitcoin
The process of Bitcoin adoption by nation-states is accelerating. While El Salvador was once the only country integrating BTC into its economy, today a growing number of nations are advancing various Bitcoin-related initiatives.
In the modern world, success comes to those who adopt technology faster and more actively than others. This also applies to Bitcoin, which—if used strategically—can significantly boost a country’s economy. At least that’s the belief of Samson Mow, founder of digital infrastructure company JAN3.
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A compelling example is Bhutan, which quietly accumulated more than 13,000 BTC—worth over $1.1 billion in recent years. The country also actively engages in "green" mining using hydroelectric power generated from its many rivers. Earlier this year, Gelephu Mindfulness City (a special administrative zone in Bhutan) announced the creation of a crypto reserve composed of Bitcoin, Ethereum, and BNB.
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According to Samson Mow, Bhutan has gone from being a very poor nation to one with the highest number of Bitcoins per capita in the world. Now, the leading digital asset could "pull it out of poverty" and help monetize unused energy.
The first results of Bhutan's Bitcoin strategy are already visible. Revenues from Bitcoin have begun financing the construction of an airport and several other infrastructure projects. However, the idea of integrating Bitcoin into a national economy isn’t new. So, which countries were the pioneers—and what have they achieved?
El Salvador and South Africa
El Salvador became the first country in the world to officially recognize Bitcoin as legal tender. In 2021, President Nayib Bukele announced the "Bitcoinization" of the economy. Since then, the country has launched numerous initiatives: building a Bitcoin City, issuing "volcano bonds," mining, and accumulating BTC in national reserves.
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In 2022, another African country followed suit—South Africa declared Bitcoin a legal payment method. The hope was that this move would help the economy recover from the unrest that rocked the country in 2021. However, under pressure from global regulators, the South African government abandoned those plans. Instead of Bitcoinization, South Africa chose to develop a digital rand (CBDC) and implement a strict regulatory framework for crypto assets, limiting their use in the public sector.
As a result, El Salvador earned a reputation as a bold innovator and attracted attention from investors and blockchain startups—sparking tourism, tech development, and education. South Africa, meanwhile, maintained a traditional macroeconomic course and missed the chance to pioneer a new financial paradigm.
The Philippines and Indonesia
Samson Mow believes that, unlike South Africa, El Salvador made the right choice. He predicts that many other resource-rich nations could soon follow in the Latin American country’s footsteps.
Among the top candidates, Mow names the Philippines and Indonesia. Both nations sit on volcanoes—but hardly utilize their geothermal potential. Indonesia, located on the Pacific Ring of Fire, has an estimated 24 GW of geothermal capacity. The Philippines has a potential of around 4.5 GW.
These capacities could be directed toward Bitcoin mining, monetizing unused energy. As Bhutan has shown, the resulting profits could be reinvested into roads, hospitals, and other critical infrastructure.
It’s worth noting that Mow’s ideas are not just theory. He is a well-known Bitcoin ambassador who regularly meets with world leaders to explain the potential of the leading digital asset. For example, he held discussions with West Java Governor Ridwan Kamil about the benefits of integrating Bitcoin into Indonesia’s economy.
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Who sets the pace?
The year 2025 may become a turning point for many nations. The catalyst? The United States, which announced plans to establish a Bitcoin reserve—sending a strong signal that digital assets are no longer just a speculative experiment, but part of the global financial system.
In response, more countries are beginning to reconsider their stance on crypto and explore ways to utilize Bitcoin in their national interest.
However, the U.S. remains a "Bitcoin nation" only in rhetoric for now. Meanwhile, smaller and developing countries like Bhutan and El Salvador are already actively undergoing crypto transformation. And it seems that in the near future, the world’s economic leaders may find themselves learning from the nations they once sought to guide.
