Japan’s Prime Minister Shigeru Ishiba has said that his government currently lacks sufficient information to decide whether to establish a Bitcoin strategic reserve.
Speaking on 26 December 2024, Ishiba addressed questions about whether Japan would follow other countries, such as the US, in considering Bitcoin as part of its reserves.
He stated that the government does not yet understand the “movements” of nations exploring Bitcoin adoption for reserves, making it difficult to express a clear position.
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Cryptocurrencies Do Not Fall Under Foreign Exchange Category
The inquiry came from Satoshi Hamada, a member of the House of Councilors of the Party to Protect the People from NHK, who suggested Japan should evaluate converting some foreign exchange reserves into Bitcoin. Hamada pointed to the United States as an example.
However, Ishiba clarified that cryptocurrencies, including Bitcoin, do not fall under the foreign exchange category, further complicating the matter.
Global discussions about Bitcoin reserves have gained momentum. Jack Mallers, CEO of Strike, recently speculated that former U.S. President Donald Trump might designate Bitcoin as a reserve asset through an executive order if re-elected.
In Brazil, Congressman Eros Biondini introduced a bill on 25 November 2024 proposing the creation of a Sovereign Strategic Bitcoin Reserve, known as RESBit.
More recently, Matador Technologies, a Canadian real-world asset tokenization firm, has announced plans to incorporate Bitcoin into its treasury. The decision, approved unanimously by the company’s board, aims to bolster long-term capital preservation.
The firm plans to allocate $4.5 million into Bitcoin this month as part of an initial investment, with additional purchases to be considered through measured buying programs.
JUST IN: VanEck predicts #Bitcoin will be worth $3 million and used as a global reserve asset by 2050. pic.twitter.com/TEsvd9S34L
— Watcher.Guru (@WatcherGuru) October 28, 2024
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US States Consider Adding Bitcoin To Reserves
Ohio has become the latest US state to consider adding Bitcoin to its treasury reserves, following the introduction of a new bill by House Republican leader Derek Merrin.
The initiative mirrors recent moves by Texas and Pennsylvania to establish Bitcoin reserves.
On 12 December 2024, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which proposes that the state comptroller hold Bitcoin as a reserve asset for at least five years.
Pennsylvania took a similar step in November, with Representative Mike Cabell proposing a bill to allow its treasury to allocate up to 10% of its balance sheet in Bitcoin, citing the asset’s potential to hedge against economic uncertainty.
The growing momentum around state-level Bitcoin reserve initiatives comes amid renewed interest in the idea of a federal Bitcoin reserve, a concept floated by former President Donald Trump following his re-election campaign.
Just recently, Trump hinted at plans for a US Bitcoin strategic reserve akin to the nation’s strategic oil reserve. Speaking to CNBC, Trump declared, “We’re going to do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head.”
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