Crypto
Japanese lawmaker urges consideration of Bitcoin reserve in light of US efforts Assad Jafri · 1 week ago · 1 min read
Japanese lawmaker advocates for Bitcoin reserves as Japan grapples with economic positioning on the global stage.
1 min read
Updated: Dec. 16, 2024 at 10:13 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Japanese lawmaker Satoshi Hamada has called on the government to explore the possibility of integrating Bitcoin (BTC) into its foreign exchange reserves, emphasizing its potential as a strategic asset amid growing global interest in crypto adoption.
During a Dec. 11 parliamentary session, Hamada posed questions about Japan’s approach to crypto reserves. He pointed to efforts in the US and Brazil, where policymakers have considered Bitcoin reserves as a hedge against economic risks.
He reportedly asked:
“Should Japan also introduce a system to convert part of its foreign exchange reserves into crypto assets such as Bitcoin?”
Hamada further noted the significant power such a move could hold in global markets. The inquiry coincides with Bitcoin reaching a milestone price of over $100,000, reflecting its growing acceptance and value.
According to CryptoSlate data, Bitcoin was trading at $101,351 as of press time on Dec. 13.
Hamada’s comments come as Japan faces economic challenges. Recently, it has fallen behind Germany as the fourth-largest economy globally. Advocates argue that adopting a Bitcoin reserve could enhance Japan’s financial flexibility and demonstrate leadership in the digital asset space.
The initiative mirrors international developments, such as discussions in the US following the election of a crypto-friendly administration and policy proposals in Brazil. Russian lawmakers have also proposed the strategic use of Bitcoin in government reserves.
While the Japanese government has not yet responded to the proposal, the lawmaker’s remarks highlight a growing recognition of cryptocurrencies’ potential to influence national economic strategies.
Bitcoin’s continued surge past $100,000 adds weight to the argument for its inclusion in sovereign financial planning.
Bitcoin Market Data
At the time of press 10:13 pm UTC on Dec. 16, 2024, Bitcoin is ranked #1 by market cap and the price is up 3.27% over the past 24 hours. Bitcoin has a market capitalization of $2.1 trillion with a 24-hour trading volume of $96.66 billion. Learn more about Bitcoin ›
Crypto Bitcoin
10:13 pm UTC on Dec. 16, 2024
Crypto Market Summary
At the time of press 10:13 pm UTC on Dec. 16, 2024, the total crypto market is valued at at $3.74 trillion with a 24-hour volume of $230.31 billion. Bitcoin dominance is currently at 56.14%. Learn more about the crypto market ›
Author
Assad Jafri
Editor & Reporter at CryptoSlate
AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
Editor
News Desk
Editor at CryptoSlate
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
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