Satoshi Hamada, a member of Japan’s House of Councilors, has called on the government to consider a national bitcoin reserve. This follows a global trend of countries and key figures treating bitcoin as a strategic asset, with similar discussions in the US, Brazil and Poland.
On December 11, Hamada raised this in the Japanese National Diet, the country’s parliament, asking the government to look into converting part of its foreign exchange reserves into bitcoin.
“I believe that consideration should be given to this matter, and I would like to hear the government’s views,” he said. He believes bitcoin can strengthen Japan’s economy and financial markets.
The national bitcoin reserve idea is gaining momentum worldwide.
In the US, this movement is most active, with big names like Senator Cynthia Lummis and President-elect Donald Trump backing the concept.
Trump said he’ll “keep 100% of all the bitcoin the U.S. government currently holds or acquires,” while Lummis proposed a strategic bitcoin reserve plan to add 1 million BTC to the US Treasury over 5 years. Russia, Brazil and Poland are also discussing similar initiatives.
Related: Member of Russian State Duma Calls for Creation of National Bitcoin Reserve
Hamada’s proposal mentions these global efforts.
On X, he pointed to the US’s strategic bitcoin reserve plans and states like Texas and Pennsylvania, where bills for bitcoin reserves have been introduced. He said Japan should learn from recent developments and not fall behind in this area.
Bitcoin’s appeal as a national reserve asset is its neutrality and decentralization. Unlike traditional fiat currencies, Bitcoin is not controlled by any single country, making it a good option for countries to reduce their dependence on foreign currencies like the US dollar.
Hamada said a bitcoin reserve can increase financial independence and create a fairer global trade environment.
He said Bitcoin allows global trade without being dependent on any country’s influence. This is what Bitcoin enthusiasts think, believing bitcoin is a hedge against risks and an opportunity to innovate within the financial system.
Despite the promise, the proposal has challenges. Hamada’s party has only 2 seats in the Japanese parliament so his influence is limited. But there’s hope other lawmakers will support the idea.
For example, Yuichiro Tamaki, leader of the Democratic Party for the People, has asked for digital-asset-friendly tax reforms and regulatory improvements in the past. His backing could be the push needed to get the proposal into serious discussion.
But the new PM may not be supportive. He’s focused on monetary policies and tax measures to combat Japan’s inflation.
Japan, the 4th largest economy with a GDP of over $4 trillion, is slowing down. Hamada thinks a bitcoin reserve would benefit Japan and its bitcoin holders, especially now that bitcoin has gone past $100,000.
Hamada says a national Bitcoin reserve would change Japan’s financial markets if Bitcoin has a future. He also mentions the innovation and institutional investment in this area could create long term value for the country.
The Bitcoin community is generally positive on Hamada’s bitcoin reserve proposal. Enthusiasts think national adoption of bitcoin would increase demand and prices, and cement its status as a mainstream financial asset.
The Japanese government hasn’t responded to Hamada’s proposal yet but the discussions are part of a bigger trend. As countries are considering bitcoin as a strategic asset, Japan’s move could have big implications for Bitcoin’s adoption and its place in the global financial system.
Will Japan take Bitcoin, or miss the boat? Only time will say.
