- Satoshi Hamada has proposed the creation of a strategic Bitcoin Reserve in Japan.
- Hamada wants Japan to emulate Donald Trump’s Bitcoin plan in the U.S.
- The politician wants Japan to convert part of its foreign reserve into crypto.
A Japanese politician, Satoshi Hamada, has proposed that the government establish a strategic Bitcoin reserve, mirroring a similar policy promised by Donald Trump in the United States. Hamada, a member of the Japanese House of Councillors, has submitted this proposal 216 times, pushing for its implementation.
Hamada’s proposal highlights the growing global interest in Bitcoin, with notable nations like Brazil and the U.S. exploring similar strategies. During his campaign, Donald Trump expressed plans to create a Bitcoin reserve upon resuming the presidency. This announcement, combined with positive market sentiment, helped push Bitcoin past the $100,000 mark, representing a 55% gain over four weeks.
Expectedly, the recent BTC price surge has triggered more bullish sentiments among institutional and retail investors, leading to increased adoption of the digital currency. The growing adoption has triggered government interest, with many notable jurisdictions concerned about being left behind in the emerging global economic sector.
Why Bitcoin as a Reserve Asset?
In his proposal, Hamada emphasized Bitcoin’s independence, neutrality, and decentralized nature, making it a suitable reserve asset. He suggested that Japan allocate a portion of its foreign exchange reserves to Bitcoin and other cryptocurrencies. This move, he argued, could safeguard Japan’s economic future in an increasingly digital financial system.
Hamada highlighted Brazil and the United States in his proposal, noting that these countries could have their Treasury officials hold Bitcoin (BTC) as a strategic reserve. He suggested that the Japanese government convert part of its foreign exchange reserve into cryptocurrencies like Bitcoin.
It is crucial to note that the lawmaker cited Bitcoin’s independence from countries and institutions as one reason the government should consider holding it in reserve. He also noted the digital currency’s neutrality and decentralized nature, qualities that enable Bitcoin’s use for economic activity without relying on a specific currency.
Despite Hamada’s persistence, the Japanese government has yet to comment on the proposal. Observers anticipate a response soon, which could set a precedent for other nations considering similar moves.
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