Following a Bitcoin and Layer 2 conference in Japan, aimed at promoting crypto adoption at a governmental level, Bitcoin advocate and JAN3 CEO Samson Mow has called on the Japanese government to acquire 167,000 BTC. His proposal highlights Bitcoin’s potential as a strategic asset in the country’s reserves.
The conference saw the participation of representatives from major banks, fintech firms, and regulatory bodies in Japan. Mow used the platform to display Bitcoin’s growth potential and scarcity, comparing it to Japan’s longstanding preference for hard assets like gold.
Bitcoin as Japan’s Next Gold?
Mow’s push for Bitcoin investment comes after analyzing Japan’s gold reserves. He pointed out the country’s significant gold holdings and argued that Bitcoin could play a similar role in diversifying and securing national reserves.
Japan’s 846 tons of gold, which account for only a small portion of its foreign exchange reserves, could be complemented by Bitcoin, providing a hedge against economic volatility. Mow confidently stated that Bitcoin is “the hardest asset in existence,” due to its finite supply.
Closed-Door Talks with Japan’s Financial Leaders
Furthermore, in a recent closed-door meeting with Japan’s Minister of State for Financial Services, Mow discussed the implications of adding BTC to the country’s reserve assets.
Notably, Japan’s crypto regulations have been stringent, potentially suppressing the growth of digital assets within the country. These regulations which require companies to achieve high compliance standards, could avert new entrants into the market.
Will Japan Pose a Challenge for Crypto?
The Bank of Japan (BOJ) has hinted at possible interest rate hikes in the coming months, aimed at stabilizing the yen and curbing inflation. While these moves are designed to strengthen the national currency, they could have an indirect impact on the crypto market. Higher interest rates might make Bitcoin less attractive as an alternative investment, especially if the yen gains strength.
While Mow continues to advocate for Bitcoin adoption, traditional gold supporter Peter Schiff has noted that gold recently reached a new record high. He argues that the focus on Bitcoin may be overshadowing movements in traditional safe-haven assets like gold.
Is it time for Japan to dive into the crypto world?
