On X, a social media site, former Blockstream CEO and Bitcoin enthusiast. Samson Mow said that the BoJ will adopt. Bitcoin in due time because of the yen’s terrible performance. Slapping a centrally regulated Bitcoin band-aid on top of everything isn’t. Japan’s economic crisis Going to fix problems, and Mow either doesn’t know this or chooses to ignore it. The fact that the elderly are starving and bankruptcies are at historic highs.
Samson Mow on Japan’s Economy and Bitcoin
Former Blockstream executive and current CEO of a Bitcoin/nation-state liaison firm called JAN3, Samson Mow, has spoken out about the steps Japan should take to revive its economy. The Japanese Yen, the third largest currency in the world, is almost back to where it was last summer, was tweeted by the Canadian-born video game creator in January. Japan’s economic crisis None of the BOJ interventions were successful.
Samson Mow continued by saying that the Bank of Japan will eventually accept Bitcoin. The greedy, narrow-minded maximalist is right that the yen is in a terrible situation, but he has no idea or cares about what’s going on in Japan. A state-embedded cryptocurrency, like Bitcoin (BTC) in a BoJ reserve, would not be able to resolve this issue.
Japan’s Economic Crisis
It has just come to light that, after an eleven-year hiatus, Japanese business bankruptcies are anticipated to surpass 10,000 in 2024. Japanese consumers are struggling to make ends meet as small and medium-sized businesses are forced out of business by a conglomeration of factors, including record-high restaurant bankruptcies, retailers experiencing sliding profits for the first time in three years, and the agony of continuously rising inflation.
For the same reasons, medical facilities are cutting services to the elderly, who are already struggling to make ends meet on pensions that no one could afford (around USD 800 per month for some retirees). But if the state responsible for this disaster had a few bitcoins, according to Samson Mow, everything would be right again. Currently, the value of the Japanese yen relative to the US dollar is at 158, which is very close to the lowest point in the exchange rate since last summer.
Japan’s Crypto Dilemma
First, Prime Minister Shigeru Ishiba of Japan has openly and frequently cast doubt on the veracity of cryptocurrency. He has also pledged not to contemplate a 20% tax cut and is pushing for a Japan’s economic crisis massive rise in defense spending, even though Japan’s elderly population is going hungry from eating only cooked bean sprouts. It would still be up to figureheads like these to decide how to distribute the bitcoins if the Bank of Japan instituted a reserve.
And secondly, the ordinary Japanese person does not find it easy to spend Bitcoin. Most residents, particularly the older ones, will not even consider getting into cryptocurrency through this method due to the long wait times, high transaction fees, and incredibly tedious KYC (know your customer) requirements at the nation’s top centralised exchanges.
Summary
Inflation, falling profitability, and the problems of small and medium. Sized firms are driving Japan’s economic crisis. Which is predicted to surpass 10,000 bankruptcies in 2024. Social problems, such as diminished access to healthcare. A lack of resources for the elderly is intensifying as the value of the yen falls to near-historic lows.
Proponents of Bitcoin, like Samson. Mow, think that the Japanese economy could benefit from adopting Bitcoin. Detractors say this is unrealistic. Cultural opposition, particularly among the elderly, is another obstacle to the widespread use of cryptocurrencies in Japan. Prime Minister Shigeru Ishiba’s skepticism is another. High transaction fees are another practical hurdle.
