Samson Mow, the well-known Bitcoin advocate from Asia and CEO of JAN3, has urged the Japanese government to acquire 167,000 BTC tokens. Mow made this suggestion on Twitter after participating in a discussion on Bitcoin and Layer 2 technology at a conference held in Japan. The event, organized by Blockstream, Crypto Garage, and Fulgure Ventures, aimed to promote the adoption of Bitcoin at the national level in Japan. Representatives from major banks, financial technology firms, and regulators attended the conference, where Mow talked about Bitcoin’s growth, scarcity, and economic implications.
Mow highlighted Japan’s strong affinity for hard assets and suggested that this should drive the country’s adoption of Bitcoin, the largest cryptocurrency. He proposed that Japan should hold 167,000 bitcoins, equivalent to its gold reserves. Japan is currently the eighth-largest holder of gold globally, with approximately 846 tons. The country stores 5.1% of its foreign exchange reserve in gold, which is 14 times less than the United States’ holdings of the precious metal. Mow argued that it would make sense for Japan to hold the hardest asset in existence, referring to Bitcoin.
Mow has been actively promoting the adoption of Bitcoin in Asia through his company, JA3, which focuses on advancing hyperbitcoinization on a national level and advocating for the cryptocurrency globally. His recent efforts included a meeting with Junichi Kanda, Japan’s Minister of State for Financial Services. While the details of the closed-door meeting are unknown, it is believed that they discussed the adoption of Bitcoin and the global implications of Donald Trump’s suggestion to store Bitcoin as a strategic reserve.
It is worth noting that although Japan does not officially hold Bitcoin, it has been one of the countries at the forefront of embracing digital innovation. The country established clear regulations for crypto exchanges in 2017 and has approved a stablecoin framework in 2022. However, Japan has also implemented stricter rules that have somewhat hindered the growth of digital assets, such as demanding high requirements for registering as a crypto asset exchange service provider.
While Japan’s stance on cryptocurrencies may be lukewarm, other countries like El Salvador and Bhutan have fully embraced Bitcoin. These countries’ adoption of the digital asset has had significant financial implications, leading to widespread adoption. El Salvador, in addition to making Bitcoin legal tender, has committed to buying one Bitcoin every day until it becomes unaffordable in fiat currency. The country currently holds 5,881 BTC ($373 million). Bhutan has also made a substantial investment in Bitcoin mining and has become the second country to officially hold the cryptocurrency. It currently possesses 13,090 BTC ($832 million), making it the fourth-largest government entity holding Bitcoin.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
