Bitcoin Activist Samson Mow Pushes Japan to Add BTC to Its Gold Reserve

The famous Bitcoin activist from Asia and the current CEO of JAN3, Samson Mow, has encouraged the Japanese government to buy 167,000 BTC tokens.

Samson Mow, a well-known Bitcoin advocate from Asia and the current CEO of JAN3, has urged the Japanese government to acquire 167,000 BTC tokens.

After speaking at the Bitcoin and Layer 2 event in Japan, Mow took to Twitter to encourage the country to purchase the apex asset. The conference, which was organized by Fulgure Ventures, Crypto Garage, and Blockstream, aimed to promote the adoption of Bitcoin in Japanese prefectures.

Attendees at the conference included key figures from fintech companies, regulators, and major banks in Japan. During his session, Mow spoke about the scarcity, growth, and economic implications of Bitcoin.

In my talk, #Bitcoin Growth and Scarcity ビットコインの成長と不足, I set a target for Japan to acquire 167,000 BTC. That is roughy the value of Japan’s 846 tons of gold. As a country that values hard assets, it makes sense for Japan to hold the hardest asset in existence.????

Mow Pushes Japan To Add Bitcoin To Gold Reserves

Samson Mow’s recommendation for Japan to acquire Bitcoin follows his observation of the country’s gold holdings. In a bid to support his arguments, Mow suggests that Bitcoin could serve a similar function of diversifying and preserving national assets as Japan’s gold reserves.

He suggests that the country could add it to the 846 tonnes of gold that it holds to hedge economic volatility. And that is a tiny fraction of its forex reserves. Mow proceeds to defend his analogy, given the limited supply of the cryptocurrency and that of gold.

He argues that Bitcoin is the “hardest asset in existence.” Moreover, Mow discussed the implications of including Bitcoin in the nation’s reserve assets at a recent closed-door meeting with Junichi Kanda, Japan’s Minister of State for Financial Services.

JAN3 CEO Samson Mow met with Mr. Junichi Kanda, Parliamentary Vice-Minister of the Cabinet Office. They discussed the potential for #Bitcoin in Japan, nation-state adoption around the world & implications of US Strategic Bitcoin Reserves. Thank you @Jun1CanDo for welcoming us!

Regulatory Hurdles May Impede Digital Asset Growth

However, the Asian government has recently implemented restrictions that hinder the development of digital assets. Stringent regulations have partly stifled the industry’s growth. Such regulations include the burdensome procedures for registration as a crypto asset exchange service provider (CAESP), among others.

On the other hand, the Bank of Japan (BOJ) has shown signs of potentially raising interest rates in the upcoming terms/periods. This economic shift could impact the cryptocurrency market in some way. That is never the goal though, to stabilize Japan’s currency and reduce inflation.

Higher interest rates strengthen the national currency and make BTC less attractive as an alternative investment like proposed by Samson Mow.

Bhutan Becomes 4th Largest Gov’t Holding BTC

Meanwhile, Bhutan now ranks fourth among governments that own Bitcoin, with assets exceeding $700 million. Bhutan has acquired its Bitcoin holdings through aggressive ventures into cryptocurrency mining. The same is aided by the nation’s hydroelectric resources.

Despite Samson Mow’s drive for Bitcoin adoption, gold bug Peter Schiff recently highlighted another all-time high for gold. Schiff argues that shifts in traditional safe-haven assets like gold are being dwarfed by the market’s focus on Bitcoin.

Notably, Samson Mow had earlier stated that Bitcoin’s fiat price will be volatile but always increasing over time. Mow had also stated some winning trades with the BTC price.

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