Samson Mou urges Japan to adopt BTC
After the Bitcoin and Layer 2 conference in Japan, which focused on promoting crypto adoption at the government level, Samson Mou, a Bitcoin fan and CEO of JAN3, is now encouraging the Japanese government to acquire 167,000 BTC.
Representatives from Japan's major banks, fintech companies and regulatory bodies attended the conference. Mou emphasized the characteristics of BTC, such as growth potential and scarcity, which put hard assets such as gold with Japan's choice.
Samson Mou urges Japan to invest in BTC
Samson Mou is asking Japan to invest in BTC after examining the country's gold reserves. Noting that Japan has large gold holdings, he explained that Bitcoin serves a similar function in increasing and maintaining national reserves.
He pointed out that Japan's 846 tons of gold, which is a small fraction of its foreign exchange reserves, could be used to supplement BTC in the face of economic ups and downs. He also claims that BTC is the ‘hardest asset in existence', justifying comparisons of the crypto's limited supply to gold.
Control tests
Additionally, in a recent closed-door meeting with Japan's Minister of State for Financial Services, Mou discussed the implications of adding BTC to the country's reserve assets.
In particular, Japan's cryptocurrency regulations are strict, which may hinder the growth of digital assets in the country. These regulations, which require companies to meet high compliance standards, may deter new entrants to the market.
Also read: Institutions Dump Ethereum for Bitcoin: What's Next for Crypto? ,
BOJ indicates a potential rate hike
At the same time, the Bank of Japan (BOJ) has indicated possible price increases in the coming months in order to stabilize the Japanese yen and curb inflation. But this may have an indirect impact on the crypto market as higher interest rates strengthen national currencies, making BTC less attractive as an alternative investment.
While Samson Mou suggests Bitcoin adoption, on the other hand, Peter Schiff points out that gold has reached another record high. It indicates that the market focus on BTC is overshadowing the movements in traditional safe-haven assets such as gold.
