The prominent Bitcoiner is leaving his role as Blockstream's chief strategy officer, in a move that will prompt speculation as to whether other countries plan to follow El Salvador.
Blockstream's chief strategy officer has announced that he's leaving the company "to focus on nation-state Bitcoin adoption."
Samson Mow said it was "the right time to move on" — and said the world's biggest cryptocurrency is at a "pivotal point" in its evolution.
In a Twitter thread revealing his departure from Blockstream after five years, Mow added:
"With everything happening at light speed in El Salvador, and more and more countries interested in adopting Bitcoin, I found my time each day just no longer enough anymore."
He went on to express confidence that he can accelerate mass adoption of BTC, as high levels of inflation erode the value of fiat currencies around the world.
During his time at Blockstream, Mow has played an instrumental role in building infrastructure that makes the Bitcoin network more usable — including Layer 2 technology to ensure the blockchain can process a greater number of transactions at lower cost.
His departure will undoubtedly spark discussion about which countries, if any, plan to follow in El Salvador's footsteps by adopting BTC as legal tender.
The Central American nation has had something of a bumpy start after commencing its radical experiment in September — barely three months after proposals for a Bitcoin Law first emerged. There have been technical hiccups, protests, and a significant number of Salvadorans still say they lack an understanding of how BTC works. To make matters worse, the value of the country's Bitcoin investment has plunged by millions of dollars.
What's on the Agenda
There's likely to be a lot on Mow's to-do list — including supporting El Salvador as it continues to iron out the kinks.
Mow was the architect of its Bitcoin Bond, which was designed to raise $1 billion so the country could further increase its exposure to BTC and build infrastructure so it can mine cryptocurrencies using volcanic energy.
The bond is expected to be issued within a matter of weeks — from March 15-20 — and reports have previously suggested that El Salvador has already secured $500 million in verbal commitments from investors.
Led by President Nayib Bukele, El Salvador's foray into cryptocurrencies has soured relations with the International Monetary Fund, affecting its ability to secure loans.
Economists have reacted with alarm to the proposals for the Bitcoin Bond — with Fitch slashing the country's credit rating to B-. This further pushes El Salvador's debt into junk status.
Such announcements by prominent Bitcoiners can give us insights into where the industry is heading.
Jack Dorsey recently stepped down as Twitter's CEO in order to focus on BTC adoption.