Samson Mow, the influential Asian Bitcoin advocate and CEO of JAN3, recently called on the Japanese government to acquire 167,000 Bitcoin (BTC) tokens. His proposal was made during a Bitcoin and Layer 2 session in Japan, hosted by Blockstream, Crypto Garage, and Fulgure Ventures, which focused on promoting Bitcoin adoption at the state level.

The conference attracted key stakeholders, including representatives from major banks, financial technology firms, and regulatory bodies in Japan. Mow emphasized Bitcoin’s unique qualities, such as its growth potential and scarcity, while discussing its fiscal implications for the nation.

Japan’s Affection for Hard Assets

Mow’s argument is rooted in Japan’s historical affinity for hard assets, particularly gold. He highlighted that Japan, the eighth-largest holder of gold globally, maintains approximately 846 tons of the precious metal, which constitutes about 5.1% of its foreign exchange reserves. In comparison, the United States holds significantly more gold, creating a stark contrast in asset allocation.

Mow suggested that Japan could align its Bitcoin holdings with its gold reserves, stating that acquiring 167,000 BTC would match the nation’s gold stash in terms of value. He believes this move would be a logical step for Japan, which he describes as a nation that should “hold the hardest asset in existence.”

Continued Advocacy for Bitcoin Adoption

Samson Mow has been a pivotal figure in promoting Bitcoin across Asia. His company, JAN3, focuses on accelerating the adoption of Bitcoin at a national level, seeking to enhance global awareness and advocacy for the cryptocurrency.

In addition to the conference, Mow recently met with Japan’s Minister of State for Financial Services, Junichi Kanda. The closed-door meeting likely involved discussions about Bitcoin’s adoption and its global implications, particularly in light of Republican nominee Donald Trump’s recent statements advocating for Bitcoin as a strategic reserve.

Japan’s Current Position on Cryptocurrency

While Japan has not officially acquired Bitcoin, it has been a forerunner in the cryptocurrency space. The country established regulatory frameworks for crypto exchanges as early as 2017 and introduced a stablecoin framework in 2022. However, recent regulations have posed challenges for the growth of digital assets in Japan, including stringent requirements for crypto asset exchange service providers.

This regulatory environment has led to a cautious approach toward cryptocurrency, which contrasts with the more aggressive adoption seen in countries like El Salvador and Bhutan. These nations have embraced Bitcoin as legal tender and have made significant investments in the digital asset.

Global Bitcoin Adoption Trends

Countries such as El Salvador and Bhutan are examples of how Bitcoin adoption can influence national economies. El Salvador, for instance, has committed to purchasing one Bitcoin daily until the price becomes prohibitive. To date, the country holds 5,881 BTC, valued at approximately $373 million.

Bhutan, on the other hand, has made a substantial investment in Bitcoin mining, resulting in its official holding of 13,090 BTC, worth around $832 million. This positions Bhutan as the fourth-largest government entity in terms of Bitcoin holdings.

Conclusion

Samson Mow’s call for Japan to acquire 167,000 BTC underscores the growing discussion around national-level Bitcoin adoption. As Japan navigates its regulatory landscape, the potential for adopting Bitcoin remains significant. With other countries demonstrating the financial benefits of embracing Bitcoin, Japan’s decision could have lasting implications for its economy and position in the global cryptocurrency market.