Prime Minister Milojko Spajic appears in the documentary “Money Electric” while talking to company executives JAN3 Samson Mou and a member of the Serbian royal family Filip Karađorđević about the potential introduction of bitcoin into the financial system of Montenegro and its hydro potential for mining that cryptocurrency.
In a clip from the HBO film, which premiered the day before yesterday on that television network, a part of the meeting is shown during which Spajić says that he thinks it is a "good idea", and then asks Mou how it can be carried out.
Karađorđević adds that, if that plan were to come true, Montenegro could be a "lighthouse" in Europe.
"Money electric" is a documentary that explores the origins of bitcoin and the identity of its pseudonymous creator Satoshi Nakamoto.
The company "JAN3" published on its website last December the details of the interview with Spajić "earlier that year", in the film he is signed as the Montenegrin Prime Minister and at least one actor of the film addresses him as such, while his office claims that it is an interview that came in June of last year, when he was not Prime Minister, for the purposes of filming the film.
Samson Mou is the CEO of “JAN3”, a technology firm whose mission is to accelerate “hyperbitcoinization”, which specializes in strategic consulting for companies and governments looking to adopt innovative bitcoin-based business systems.
His LinkedIn profile says he is known for his work on El Salvador's bitcoin strategy and statewide bitcoin adoption.
Karađorđević is the chief strategic director in the company "JAN3".
In a post on the company's website dated December 13 last year, it is stated that in the conversation Spajić emphasized Montenegro's large hydropower resources, which could be used for mining the world's strongest cryptocurrency, which consumes a large amount of electricity.
"One of the key points of discussion was the concept of bitcoin bonds, adapted to the specific circumstances of Montenegro. In this context, the prime minister emphasized the abundance of rivers in the country, emphasizing the hydropower potential estimated at 5,6-6,1 terawatt hours per year," the company's website states.
This company points out that it is astonishing that Montenegro currently uses less than 20 percent of that potential.
"The idea of issuing hydrobonds linked to bitcoin mining demonstrated innovative thinking that could unlock new avenues for economic growth," the post said.
The company claims that the meeting discussed legal frameworks for the regulation of cryptocurrencies, which are "a key aspect as countries around the world grapple with the evolving digital environment."
"Prime Minister Spajić has engaged in a careful consideration of the convenience of holding bitcoins in the central bank versus other state institutions, which could shape Montenegro's future approach to owning crypto assets," the announcement reads.
“In an effort to encourage a vibrant Bitcoin community within Montenegro, the discussion included the concept of encouraging community development at the local level, such as 'Bitkoin Beach or Bitcoin Jungle'. In addition, organizing conferences on 'Bitcoin' technologies emerged as a potential opportunity not only to increase local interest, but also to position Montenegro as a center of technological innovation within the Bitcoin sphere," it added.
"JAN3" states that Spajić's enthusiasm and knowledge of cryptocurrencies "underlines" the potential of Montenegro to become a progressive player in the bitcoin environment.
They point out that the meeting was described as very productive, and that the participants expressed their intention to continue the dialogue in the near future.
"Given that Montenegro has the third youngest state leader in the world, the country sends a clear message that it is open for business and ready to accept the transformational opportunities that bitcoin brings. As Montenegro explores the integration of Bitcoin into its economic structure, a meeting between Samson Mou, Prince Philip, Bena Van Hula and Prime Minister Spajić represents a key moment. The discussions emphasized the potential for innovative financial solutions, sustainable energy practices and a prosperous bitcoin community that could redefine the economic landscape of Montenegro in the coming years," states the company "JAN3".
On December 14 of last year, the company published information on its account on Iks about a meeting with the "prime minister of Montenegro" about how bitcoin can help Montenegro harness unused hydropower potential, and Mou retweeted that announcement and stated that Spajić is now "the owner 100.000 satoshi and a hardware crypto wallet”.
A satoshi is the smallest unit of bitcoin and represents the foundation of that crypto-system. Each bitcoin can be divided into 100 million parts, and one such part is called a satoshi. According to yesterday's satoshi value, the prime minister has 61,42 dollars, if he has not sold them in the meantime.
Hardware crypto wallets look like USB flash drives. Most often, they can be connected to a computer via a USB cable, and they also come with a mobile and desktop application.
The prime minister previously invested in cryptocurrencies, he declared some in his property record, and the affair with a South Korean citizen has not yet been clarified. To Kwonom, and the alleged funding of the PES campaign by members of the crypto community, which Spajić denied.
"No taxes, just mine bitcoin and finance everything"
The part of the film in which Spajić appears is relatively short and the conversation does not flow in one sequence, but there are many cuts in the editing. It takes place in a room with a clock on one wall and curtains on the windows.
In the film, it is stated that the connection between Spajić and Mou is Prince Filip Karađorđević.
Karađorđević describes himself as a maximalist, and Mou points out that the prince has perfect skills for contacting diplomats, presidents...
"There is a large family network to work through. It opens many doors", says Karađorđević.
The narrator states that not long ago, Montenegro and Serbia were part of the same country, and that the Karađorđevićs still have great influence. The accompanying footage shows billboards promoting "Europe Now 2".
"Prime Minister Spajić, considering his attitude towards bitcoin, could be the beginning of a good cooperation with him, to get things started in this country," says the prince.
Spajić: I'm a big fan of bitcoin, of course, and all the other technologies that bitcoin brought with it. Politically, it's a hard sell, you have to think about different kinds of risks. I think that the government should not invest in bitcoin.
Mou: If you're risk averse, you think the government shouldn't own bitcoin, that's fine. If fiat (traditional) currencies collapse, everyone will "rush" to bitcoin. What we are trying to do is to build a parallel system. Dollars - Bitcoin, Pesos - Bitcoin, Yen - Bitcoin...
Spajić: We do not have our own national currency. We use the euro, without the possibility to print it, and that is not fair. That's not cool.
Mou: Maybe something you should consider is just accepting bitcoin as money. You don't have to tax anyone, you can just "mine" bitcoin and it will finance everything.
Spajić: Electricity is relatively cheap...
Mou: Usually, smaller states are more agile and have a greater desire to accept change, because they are looking for some advantage.
Spajić: I think it's a good idea.
Karađorđević: You could really be a "lighthouse" in Europe at this moment...
Spajić: Specifically, how should we do that?
Mou (talking to someone on the phone outside the meeting room): We had a very good conversation about the introduction of bitcoin and what they can do, and they, like Costa Rica, have a lot of hydro potential, so we're making progress everywhere.
Cabinet: It was not a conversation but an interview, no issuing of hydrobonds for bitcoin mining
Spajić's cabinet denied in its response to "Vijesta" that the meeting with Mou and Karađorđević was a meeting, "but Mr. Spajić, then the president of the non-parliamentary party, was interviewed for a documentary, which was prepared for HBO, and in which people from the world of innovation and the blockchain industry spoke".
The question of what was the topic of the conversation, which the cabinet claims took place in June 2023, was not answered.
The cabinet replied that Spajić does not intend to enable bitcoin mining in Montenegro through the issuance of hydrobonds, that no work is currently being done on the implementation of the agreement from the meeting, and that there were no subsequent meetings with Mou and Karađorđević.
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