President Of Colombia Is A Bitcoin Hodler Now, BTC Adoption Soon?

Colombian President Gustavo Petro has reportedly become a holder of Bitcoin. This development comes on the heels of a meeting between President Petro and a delegation led by Samson Mow, founder of JAN3, a company at the forefront of Bitcoin nation-state adoption.

The meeting, as reported by local media and through social channels, represents a significant step in exploring the integration of BTC and blockchain technology into Colombia’s socio-economic fabric. JAN3’s statement via X hinted at potential policy shifts: “Is Bitcoin usage in Colombia likely to usher in new policies? Definitely maybe. The JAN3 team met with ⁦Petro Gustavo⁩ to discuss its potential implementation in social projects.”

Further adding to the intrigue, Samson Mow posted an image on X with President Petro, revealing, “The President of Colombia is now a Bitcoin HODLer for sure. 100,000 sats [0.001 BTC] to be exact.” Mow expressed gratitude towards President Petro for his openness, stating: “Thank you President Petro Gustavo for the welcoming message. We’re excited to help Colombia to move forward. And don’t lose your Bitcoin!”

Additionally, Diego ‘Aequalitatem Honoris’ Gutierrez-Zaldivar, CEO of IOVLabs, acknowledged the meeting’s significance via X, aligning with the goal to foster a more prosperous society. He stated, “Thank you President Petro Gustavo for receiving us. We share the commitment to create a more prosperous society.”

Thank you President @petrogustavo for receiving us. We share the commitment to create a more prosperous society.

cc: @Excellion @maurotov https://t.co/awGCEmgLBp

— Diego 'Aequalitatem Honoris' Gutierrez-Zaldivar (@dieguito) December 1, 2023

Bitcoin Adoption In Colombia

Local media outlet Diario La República and W Radio reported that President Petro is exploring the use of BTC in the national economy through cooperatives. The president is also considering the application of blockchain technology in various public sectors such as health billing, management of the Special Assets Society (SAE), and land restitution processes.

President Gustavo emphasized the potential for managing the health billing system and property management in real-time using blockchain technology, as well as the integration of Bitcoin in worker cooperatives within the popular economy.

The meeting at the Casa de Nariño included discussions on these key issues and underscores the growing interest and potential government support for Bitcoin and blockchain technology in Colombia. Participants included renowned blockchain technology experts Samson Mow, Diego Gutiérrez, Raúl Velásquez, Edwin Rivas, Cristian Quintero, and Mauricio Tovar.

However, it’s important to note that cryptocurrencies are not yet regulated in Colombia. The Financial Superintendency has been conducting a pilot plan for the use of cryptocurrencies for a few years, but the results are still pending. The implementation of the strategies proposed by President Petro remains uncertain until further developments in cryptocurrency regulation are made in Colombia.

But President Gustavo’s engagement with Bitcoin and blockchain technology experts signals a possible pivot towards embracing these technologies at a national level. As Colombia grapples with the regulatory aspects, the President’s involvement could be a harbinger for more definitive Bitcoin and crypto policies and broader adoption in the near future.

Remarkably, Mow was just a few days ago in Suriname, where he met with the president Chan Santokhi, and other government officials to develop a potential Bitcoin strategy to transform the small South American country’s economic model. Among other things, Mow also hinted that the central bank could invest 1% of its reserves in BTC.

At press time, BTC traded at $38,117.