The Four-Step Bitcoin Adoption Plan

Lord Fusitu’a, a Tongan nobleman and ex-member of parliament, has laid out an ambitious roadmap for Tonga, borrowing inspiration from El Salvador’s Bitcoin journey. The plan consists of four major steps:

• Step One: Remittances
• Step Two: Legal Tender
• Step Three: Bitcoin Mining
• Step Four: National Treasuries Shift

By the end of this timeline, Tonga aims to transform itself into a Bitcoin powerhouse.

Establishing Legal Tender: A Ticking Clock

During a recent Twitter conversation, Fusitu’a revealed critical insights into steps two and three. He predicts that the legal tender bill could be finalized around midOctober, potentially receiving royal assent by mid-November. Once the bill passes, a “gazette” process notifies the public of these monumental changes.

“All things being equal, let’s say mid-February for the activation date.”

However, there’s optimism for a much earlier rollout if everything goes as planned.

The Trojan Horse of Mining

Picture this: Tonga is blessed with 21 volcanoes and 2,000 MW of power annually, while consuming a mere 40 MW a year. Fusitu’a points out that this leaves a whopping 1,960 MW ripe for turning into Bitcoin gold.

To capitalize on this geothermal bonanza, a robust government partnership is essential, particularly regarding internet infrastructure. But fear not! Thanks to a telecommunications deal brokered by Fusitu’a’s mother with The World Bank, Tonga’s bandwidth is set to support these ambitious mining endeavors for the next century.

Home is Where the Mining Is

Almost every household in Tonga enjoys fiber connectivity, paving the way for home-based mining operations. The 2020s may usher in a reality in which Tongan families mine Bitcoin right from their living rooms, utilizing the abundant volcanic energy.

Looking Ahead: The Future of Bitcoin in Tonga

There’s a silver lining: if the government is on board, Bitcoin mining could get underway as early as Q3 2023. Fusitu’a envisions potential partnerships – be it private companies or government-owned ventures – as the best route toward realizing this Bitcoin dream.

Excitingly, some Bitcoin companies have already gifted mining rigs in shipping containers to Fusitu’a for testing, keeping their identities under wraps. The momentum is building, and Tonga’s Bitcoin narrative is poised to take flight!