Adam. Who is Adam Back?
Adam, one of the core developers of Bitcoin and founder of Blockstream. Adam Back was recently invited by legislator Ge Rujun to give a speech at the Legislative Yuan on the theme of "Virtual currency value-added applications: promotion of digital economy, security cryptography and financial technology education in Taiwan - taking Bitcoin Layer 2 as an example" Special discussion. The scene included domestic encryption industry-related associations, academic representatives, and many legislators including Ge Rujun, Wu Zongxian, Lin Qianqi, Liao Weixiang, Huang Jianhao, etc.
British cryptologist Dr. Adam. Baker is a pioneer in cryptography and blockchain technology, and is also one of the key figures in the history of Bitcoin development. He is honored as the "Godfather of Bitcoin" by the community.
He has been committed to promoting the development of the Bitcoin ecosystem, and is a major promoter of El Salvador's Bitcoin national reserve, helping El Salvador establish the world's first national reserve system with Bitcoin as its legal currency.
Adam. When the Internet and email first developed, Baker invented the Hashcash algorithm to prevent spam. This proof-of-work system became the basis of the later Bitcoin mining mechanism, and is therefore considered to have influenced the founder of Bitcoin. One of the important inspirations of Satoshi Nakamoto.
Then, in 2014, Adam. Baker founded Blockstream, a blockchain technology company focused on promoting technological innovation in the Bitcoin ecosystem, and is continuously committed to improving the development speed and adoption of the Bitcoin ecosystem, including launching expansion solutions, wallet services, and development of the Bitcoin ecosystem Kits etc.
Bitcoin Reserves: Potential and Challenges in Taiwan
Taiwan has successfully pushed financial regulators to approve professional investors to purchase Bitcoin spot ETFs. Lin Shanglun, deputy secretary-general of the Bitcoin and Virtual Currency Development Association, said at the meeting that the next step is to hope that the government can start thinking and exploring the inclusion of Bitcoin into the country. Possibility of reserve.
The so-called national reserves refer to a certain amount of assets held by the country in order to cope with economic uncertainty, stabilize currency values and ensure the stability of the financial system. These assets usually include foreign exchange (international currencies such as US dollars and euros), gold, etc. National reserves are not only the cornerstone of economic stability, but also an important indicator reflecting the country's financial and economic resilience.
Regarding whether Taiwan should consider including Bitcoin in its national reserves, Adam. Baker expressed support for this, noting that several countries have begun considering the strategy of using Bitcoin as a partial reserve asset.
He emphasized that Bitcoin’s value storage characteristics and decentralization advantages will provide new possibilities for national financial stability. However, he also reminded that the improvement of regulatory and technical structures is also crucial, especially the technology and application of blockchain Layer 2, which can not only improve transaction efficiency but also reduce transaction risks, which is particularly important for large financial institutions.
With the gradual rise of digital assets such as Bitcoin in recent years, El Salvador became the first and currently the only country in the world to list Bitcoin as legal tender in September 2021, and began to purchase Bitcoin as a national reserve asset. Although other countries have not yet officially included Bitcoin in their national reserves, they have also begun to express interest in it or are discussing related policies.
Additionally, some countries hold Bitcoin as a result of law enforcement actions. For example, the U.S. government seized and auctioned large amounts of Bitcoin during law enforcement, but these Bitcoins were not included in the national reserve.
Green Energy Mining: An Important Direction for the Future of Bitcoin
Since Bitcoin mining consumes a lot of energy, mining through green energy is also a hot topic in the global Bitcoin ecosystem.
Various parts of the world are actively exploring the combination of renewable energy and Bitcoin mining to achieve efficient use of energy and sustainable development of the environment. For example, Kryptovault, a Bitcoin mining farm in Norway, uses entirely green energy for mining and uses the hot waste gas generated by mining to dry wood to achieve efficient use of energy; Agile Energy X, a subsidiary of Japan's Tokyo Electric Power Company, is also trying to use excess solar energy Electricity for Bitcoin mining, preventing excess electricity generated from renewable energy from being wasted.
Adam. Baker said converting wasted energy into mining power is an efficient and sustainable way. For example, in Texas, large amounts of natural gas produced during oil extraction are often directly burned due to high transportation costs. But in fact, these energies can now be used to support Bitcoin mining.
He further shared Lugano, Switzerland, as a successful case. The region not only actively promotes Bitcoin payments, but also uses blockchain technology to issue city bonds, demonstrating the potential of combining traditional finance and financial technology.
Adam. Baker finally encouraged Taiwan to learn from similar models and make good use of the island's green energy advantages, such as wind and solar power generation, and combine these energy sources with Bitcoin mining to create win-win results for the economy and the environment.
