Samson Mow, a prominent advocate for Bitcoin in Asia and CEO of JAN3, has urged the Japanese government to acquire a substantial 167,000 BTC tokens. Mow made this appeal in a tweet on Sunday, following a discussion at the Bitcoin and Layer 2 conference held in Japan. This event, organized by Blockstream, Crypto Garage, and Fulgure Ventures, aimed to foster the adoption of Bitcoin at the national level in Japan.
The conference saw participation from representatives of major Japanese banks, financial technology companies, and regulatory bodies. Mow highlighted Bitcoin’s growth, scarcity, and economic implications during his presentation.
**Japan’s Affection for Hard Assets**
Mow suggested that Japan’s longstanding appreciation for hard assets should motivate the nation to embrace Bitcoin, the foremost cryptocurrency. He noted that Japan could hold 167,000 bitcoins in alignment with its gold reserves. For perspective, Japan ranks as the eighth-largest holder of gold globally, possessing around 846 tons. The country allocates 5.1% of its foreign exchange reserves to gold, which is significantly less than the United States.
Mow proposed that Japan should match its gold reserves with an equivalent in Bitcoin, arguing that “it makes sense for Japan to hold the hardest asset in existence.”
**Advocating for Bitcoin Adoption**
As a key figure in promoting Bitcoin across Asia, Mow’s company, JAN3, focuses on advancing hyperbitcoinization on a national scale, enhancing global advocacy for the cryptocurrency. His recent activities included a closed-door meeting with Junichi Kanda, Japan’s Minister of State for Financial Services. This meeting likely revolved around Bitcoin adoption and the global implications of Republican nominee Donald Trump’s proposal to use Bitcoin as a strategic reserve.
It’s important to note that while Japan does not officially hold Bitcoin, it was among the first countries to embrace digital innovation in the cryptocurrency sector. In 2017, Japan established clear regulations for crypto exchanges and introduced a stablecoin framework in 2022. However, the nation has recently implemented stricter regulations that have hindered the growth of digital assets, imposing high requirements on crypto asset exchange service providers.
**Rising National Adoption of Bitcoin**
Despite Japan’s cautious approach to cryptocurrency, other nations such as El Salvador and Bhutan have fully embraced Bitcoin. Their adoption has led to significant economic benefits, promoting wider acceptance of the digital currency.
El Salvador, for instance, has recognized Bitcoin as legal tender and committed to purchasing one BTC daily until prices become prohibitive in fiat currency. This strategy has been in place for 190 days, with the country currently holding 5,881 BTC, valued at approximately $373 million. Meanwhile, Bhutan’s foray into Bitcoin mining has also proven prosperous, as it has become the second nation to officially hold Bitcoin, boasting a reserve of 13,090 BTC, worth around $832 million, making it the fourth-largest government holder of the asset.
**Disclaimer:** This article is intended for informational purposes only and should not be construed as financial advice. The opinions expressed herein may reflect the author’s views and do not necessarily align with those of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions. The Crypto Basic accepts no responsibility for any financial losses incurred.
