Japanese Lawmaker Advocates for Bitcoin Integration in Foreign Reserves
Japanese lawmaker Satoshi Hamada has urged the government to consider incorporating Bitcoin (BTC) into its foreign exchange reserves, citing its potential as a strategic asset in the face of increasing global interest in cryptocurrency adoption.
Exploring Crypto Reserves
During a parliamentary session on Dec. 11, Hamada raised questions about Japan’s stance on crypto reserves, pointing out the initiatives in the US and Brazil where policymakers have explored the idea of Bitcoin reserves as a hedge against economic uncertainties.
He specifically inquired, “Should Japan also introduce a system to convert part of its foreign exchange reserves into crypto assets such as Bitcoin?”
Global Market Influence
Hamada emphasized the significant impact such a move could have on global markets. This discussion aligns with Bitcoin’s recent milestone price surpassing $100,000, underscoring its increasing acceptance and value.
As per CryptoSlate data, Bitcoin was trading at $101,351 at the time of the press on Dec. 13.
Financial Flexibility and Leadership
With Japan facing economic challenges and slipping behind Germany as the fourth-largest economy, proponents argue that adopting a Bitcoin reserve could enhance Japan’s financial flexibility and position the country as a leader in the digital asset realm.
This initiative mirrors similar developments internationally, such as discussions in the US post the election of a crypto-friendly administration and policy proposals in Brazil. Russian lawmakers have also suggested integrating Bitcoin into government reserves strategically.
Recognition of Cryptocurrency Potential
While the Japanese government has not responded to the proposal yet, Hamada’s remarks highlight the increasing acknowledgment of cryptocurrencies’ potential to shape national economic strategies.
Bitcoin’s continual surge beyond $100,000 further strengthens the case for its inclusion in sovereign financial planning.
Bitcoin Market Data
At the time of the press at 9:48 pm UTC on Dec. 13, 2024, Bitcoin holds the top rank by market cap, with a price increase of 1.66% over the past 24 hours. Bitcoin’s market capitalization stands at $2.01 trillion, with a 24-hour trading volume of $58.45 billion.
Crypto Market Summary
At the same time, the total crypto market valuation is $3.64 trillion with a 24-hour volume of $175.86 billion, and Bitcoin dominance at 55.19%.
