After a Bitcoin and Layer 2 conference in Japan, which focused on promoting crypto adoption at a governmental level, Samson Mow, a Bitcoin proponent, and CEO of JAN3, is now encouraging the Japanese government to acquire 167,000 BTC.
Representatives from major banks, fintech firms, and regulatory bodies in Japan attended the conference. Mow emphasized BTC’s features such as growth potential and scarcity, placing them with Japan’s preference for hard assets like gold.
Samson Mow Urges Japan To Invest In BTC
Samson Mow is urging Japan to invest in BTC after analyzing the nation’s gold reserves. He noted Japan’s significant gold holdings and asserted that Bitcoin could serve a similar function in diversifying and securing national reserves.
He suggests that Japan’s 846 tons of gold, which is a small fraction of its foreign exchange reserves, could be complemented by acquiring BTC to hedge against economic volatility. He also justifies his comparison of the crypto’s finite supply to that of gold claiming that BTC is the ‘hardest asset in existence.’
Regulatory Challenges
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.
BOJ Indicates Potential Rate Hikes
At the same time, the Bank of Japan (BOJ) has indicated potential rate hikes in the coming months, that aims to stabilize the Japanese yen and curb inflation. But this might influence the crypto market indirectly as higher interest rates strengthen the national currency which could render BTC less appealing as an alternative investment.
While Samson Mow’s suggests for Bitcoin adoption, on the other hand, Peter Schiff has pointed out that gold has reached another record high. He implies that the market focus on BTC overshadows the movements in traditional safe-haven assets like gold.
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