The Japanese government has officially rejected the idea of including Bitcoin in its national reserves, due to the volatility of the cryptocurrency and its classification outside of traditional foreign exchange. This cautious approach contrasts with the growing enthusiasm of the country’s private sector, such as Metaplanet, which is actively investing in Bitcoin. This shows a significant gap between government policy and private sector initiatives.
On December 26, a report from Coinpost revealed Japan’s stance on the issue of a national Bitcoin reserve. The government’s official response to a question from Senator Hamada Satoshi stressed that crypto assets such as BTC do not fit within the framework of foreign exchange, which is a key component of Japan’s reserve strategy. The response emphasized the government’s priority for the safety and liquidity of its foreign exchange reserves, with Bitcoin’s volatility posing a major challenge.
For now, the government has stated that it lacks detailed information on developments in the US and other countries regarding BTC reserves. The government has stressed that overseas discussions are still at an early stage, making it “difficult for the government to express a view” on the issue. The response confirms the focus on the stability of the foreign exchange market, suggesting that the consolidation of BTC is not in line with the goals of the Japanese financial system.
Metaplanet, often referred to as Japan’s MicroStrategy, has continued to make large investments in Bitcoin, with an additional purchase of 617 BTC last week. This bold move not only demonstrates Metaplanet’s optimistic view of Bitcoin but also reflects the growing enthusiasm in the Japanese private sector for cryptocurrency investments. It also indicates a shift in corporate focus despite the rejection of Japan’s National Bitcoin Reserve plan.
Metaplanet’s strategy mirrors MicroStrategy in the US, which has been accumulating Bitcoin as part of its treasury reserve strategy. By investing in Bitcoin, Metaplanet is positioning itself to benefit from the potential long-term appreciation of the cryptocurrency, despite the risks associated with its volatility. The investment highlights the contrast between the cautious approach of the Japanese government and the proactive and speculative nature of private companies in the Japanese crypto landscape.
