Robert Steinadler, a month ago

Is Mexico the next country to adopt Bitcoin as legal tender?

Samson Mow gave a speech in front of the Mexican Congress and shared his appearance on social media. This has raised the question if Mexico is ready to follow El Salvador's example and adopt Bitcoin as a legal tender. Mow is one of many people of public interest to bring this topic up. The Bitcoin community speculates if and when mass adoption will happen in Mexico. 

What was the response to Mow's speech, and how likely is it that Mexico will adopt Bitcoin?

Mow is promoting Bitcoin.

Samson Mow is the chief strategy officer of Blockstream, one of the most important companies in the Bitcoin space. He is involved directly with many leaders to foster relationships and promote Bitcoin.

Recently, Mow gave a speech in Mexico after being invited by Indira Kempis. Kempis is a politician and senator representing the state of Nuevo Léon in the Mexican Congress. Mow suggested that there are three different approaches to adopting Bitcoin on a national level:

  1. The government could decide to add Bitcoin to the federal treasury as a reserve asset
  2. Issuing a Bitcoin bond to accumulate and mine BTC
  3. Enacting a Bitcoin law that enshrines Bitcoin as legal tender in Mexico

Mow pointed out that Mexico is energy-rich, placing the country in an excellent spot to continuously accumulate Bitcoin through mining operations. While the third option would be preferable, it would take more time and effort than any other option presented during his speech.   

Will Mexico likely follow through?

Unfortunately, the answer is no. First of all, the party of Senator Kempis only has a minor role in the country's political system. Kempis is indeed been working for quite some time on a Bitcoin law. Still, other parties and representatives are interested in something different than Bitcoin legislation.

Therefore, Bitcoin may be adopted one fine day, but it is still far from where things stand. Mow and Kempis are not the first public figures promoting Bitcoin in Latin America.

Billionaire Ricardo Salinas Pliego was actively promoting Bitcoin during the bull run of 2021. The third-richest man in the country was even planning to open a Bitcoin-friendly bank. This leads many Bitcoiners to believe that there is robust support. In their view, it is only a matter of time before the next domino falls, and Mexico will follow El Salvador's example.

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