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BR #35: Countries converting energy to Bitcoin

Dec 10, 2023

(1-minute read)

This week I realized a new paradigm for global bitcoin adoption.

Namely, adoption by developing countries.

Here is the deal.

In the 20th century, some countries benefited greatly due to their oil reserves.

Qatar, Saudi Arabia, UAE, Kuwait, Libya, and Venezuela are well-known examples.

While many other countries don't have oil, they often have other types of abundant & cheap energy:

  • Geothermal
  • Hydro
  • Solar

The problem for them is that these types of energy resources are very far from cities and factories.

And since it is expensive to move energy, they end up not moving it at all.

Enter the new world of Bitcoin energy.

You have available energy?

In the desert? On Antarctica? In the jungle?

No problem!

Just set up a bitcoin mining operation and convert that energy to bitcoins.

You can keep those bitcoins (because you know they are the best money)...

Or you can sell them for fiat toilet paper or gold if you think Bitcoin is a scam.

And we have seen:

  • Bhutan converting its hydro energy for 5+ years now into Bitcoin
  • El Salvador converting its geothermal energy into Bitcoin
  • Suriname, Indonesia, Argentina and others will follow

Why will they follow?

Because it is profitable for them to do so!

And the countries that unlock this energy potential sooner will benefit financially a lot more.

And that is what I love so much about Bitcoin:

  1. My opinion does not matter.
  2. Your opinion does not matter.
  3. The opinion of the US, Chinese, or Russian presidents does not matter.
  4. The opinion of the chiefs of secret intelligence agencies does not matter.

The only thing that matters are the incentives that drive the would towards a global bitcoin standard: one person at a time, one company at a time, one country at a time.

P.S. Whenever you are ready:

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3. Visit Botev Plovdiv: the world's first premier football club adopting Bitcoin. I have the privilege to work with an amazing team there making history and having a ton of fun on our regular home games in Plovdiv!

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