Tokyo-based crypto investment and advisory company Metaplanet Inc. As a strategic treasury reserve asset in response to ongoing economic difficulties in Japan Bitcoin announced that it has adopted its assets.
In the statement made by the company, “This move Japan“It is a direct response to ongoing economic pressures in Turkey, in particular high levels of government debt, long-term negative real interest rates and, as a result, a weak yen.”
International Monetary FundAccording to the IMF, Japan, which currently has the highest government debt/GDP ratio among developed countries at 254.6%, is experiencing economic difficulties. This contributed to the Japanese yen falling to a 34-year low last month, despite the government’s decision to raise interest rates in March, Reuters reported.
The company said Bitcoin provides a “non-sovereign store of value” that appreciates against fiat currencies.
metaplanet“Bitcoin’s monetary policy is rigidly set until 2140, distinguishing it from both monetary metals and competing crypto projects that operate at the whims of centralized developer teams,” he wrote. “There will only be 21,000,000 bitcoins.”
In its statement, Metaplanet added that it aims to use “all instruments” of capital market instruments to grow its Bitcoin reserves. According to data from Bitcointreasuries.net, the company has 117.7 BTC ($7.2 million) as of May 10.
