Asian Bitcoin Advocate Charges Japan to Acquire 167,000 BTC

Samson Mow, the popular Asian Bitcoin evangelist and CEO of JAN3, has called on the government of Japan to acquire 167,000 BTC tokens.

Mow persuaded Japan to buy the premier asset in a tweet on Sunday after a discussion at the Bitcoin and Layer 2 session in Japan. The conference, hosted by Blockstream, Crypto Garage, and Fulgure Ventures, aimed at promoting Bitcoin adoption at the state level in Japan.

Notably, representatives of Japan’s major banks, financial technology firms, and regulators attended the conference. During the session, Mow discussed Bitcoin’s growth, scarcity, and fiscal implications.

Japan to Explore Bitcoin Due to Love for Hard Assets

The Bitcoin champion implied that Japan’s unbounded love for hard assets should drive the nation’s adoption of the largest cryptocurrency. He stated that Japan could hold 167,000 bitcoins in proportion to its gold holdings.

For context, Japan is the 8th largest global holder of gold, with approximately 846 tons of gold. The Asian country stores 5.1% of its foreign exchange reserve in gold, 14 times less than America’s stash of the precious metal.

Mow suggested that Japan should equal its gold stash with that of the premier digital asset. He asserted that he sees the possibility of the occurrence because “it makes sense for Japan to hold the hardest asset in existence.”

Mow Continues Bitcoin Adoption Push

The Acqua Bitcoin developer has played a pivotal role in the growing adoption of Bitcoin in Asia. His firm, JA3, specializes in pushing hyperbitcoinization on the national level, fostering more effective global advocacy for the premier asset.

Mow’s latest endeavor saw him meet with Japan’s Minister of State for Financial Services, Junichi Kanda. The closed-door meeting possibly featured discussions around the adoption of Bitcoin and the global implication of Republican nominee Donald Trump’s assertion of storing Bitcoin as a strategic reserve.

It bears mentioning that although Japan does not officially hold Bitcoin, it is one of the countries that opened its borders to the digital innovation in its early stages. Japan created clear rules for crypto exchanges in 2017 and has approved a stablecoin framework in 2022.

However, the Asian country has recently implemented certain rules stiffening the growth of digital assets. Strict regulations, such as the lofty requirements for registering as a crypto asset exchange service provider (CAESP), among others, have somewhat stunted the sector’s growth.

Bitcoin’s National-Level Adoption on the Rise

Amidst Japan’s lukewarm stance on cryptocurrency, countries like El Salvador and Bhutan have adopted the digital asset. Notably, their adoption of Bitcoin has had substantial financial implications for their economy, encouraging large-scale adoption of the asset. 

Aside from adopting Bitcoin as legal tender, El Salvador committed to buying one of the asset every day till it was no longer affordable in fiat. El Salvador has executed this ploy for 190 days and currently holds 5,881 BTC ($373 million).

Also, Bhutan’s investment in Bitcoin mining has paid up substantially. It recently became the second country to officially hold Bitcoin. Its 13,090 BTC ($832 million) stash also means it is the fourth-largest government entity holding the asset.