BREAKING: 🇯🇵 Japan rejects Strategic #Bitcoin Reserve proposal, citing volatility, lack of info, and legal concerns pic.twitter.com/SJuuhqjqWa
— Swan (@Swan) December 26, 2024
$MSTR been buying $BTC for 7 weeks in a row now, BTC has been flat for the last 5 weeks.
Is the ponzi about to blow?
— Tom (@TradingThomas3) December 26, 2024
NEW: Robinhood CEO Vladimir Tenev has clarified that despite increased focus on the crypto sector, Robinhood is not planning to invest in Bitcoin anytime soon. pic.twitter.com/bdcFQJYsJE
— Bitcoin News (@BitcoinNewsCom) December 26, 2024
Looks like whales are selling Bitcoin and moving into #gold on yesterdays news. They can see the writing on the wall. pic.twitter.com/rKXZQbmcxA
— The Young Pretender (@Dioclet54046121) December 26, 2024
💥BREAKING: BlacRock sold $188.7 MILLION worth of $BTC yesterday…
The questions arise:
Why are they doing this? and What will happen to BTC?
This is the biggest sell-off EVER
I spent ~10 hours researching all the data: Here is why u should worried🧵👇 pic.twitter.com/h6ts8ymBYl
— 𝗖𝗛𝗔𝗜𝗡 𝗠𝗜𝗡𝗗 ⛓🧠 (@0xChainMind) December 25, 2024
Bitcoin is the greatest thought experiment in our lifetime, and represents how easily greed can brainwash an individual.
BTC is utterly useless. It began as a shady workaround for internet poker addicts to gamble anonymously. Over time, it evolved into a malignant grift, propped…
— Jacob King (@JacobKinge) December 26, 2024
$MSTR financial highlights . . . pic.twitter.com/cyJ2Sc69kM
— Markets & Mayhem (@Mayhem4Markets) December 26, 2024
Japan’s government recently turned down a proposal to create a Strategic Bitcoin Reserve, and their reasons are pretty understandable. Firstly, Bitcoin is infamous for its extreme volatility. Imagine your national reserves flipping and flopping like a fish out of water; that’s the kind of rollercoaster Japan wants to avoid. Just a few days ago, on December 26, 2024, Bitcoin’s price took a 4% nosedive due to a simple glitch on TradingView. That kind of unpredictability makes it a risky bet for something as crucial as national reserves.
Then there’s the issue of insufficient information. Japan’s Prime Minister, Shigeru Ishiba, mentioned that they don’t have enough insight into how other countries are handling Bitcoin as part of their reserves. Since the global community is still figuring this out, Japan isn’t ready to jump on the bandwagon without knowing all the potential pitfalls.
Legal concerns also play a significant role. Under Japan’s current laws, cryptocurrencies like Bitcoin aren’t recognized as foreign exchange assets. This means they can’t be part of the special accounts meant to stabilize foreign currency and support the bond market. Plus, there are additional headaches, like Bitcoin’s potential use for money laundering and the complicated legal status it has under federal securities law.
Sources:
https://coingape.com/japan-rejects-bitcoin-national-reserve-proposal-amid-global-crypto-trends/
https://www.coinspeaker.com/japan-denies-bitcoin-reserve-plan-government-awaits-us-clarity/
https://www.statista.com/statistics/1306877/bitcoin-price-swings/
https://www.fidelitydigitalassets.com/research-and-insights/closer-look-bitcoins-volatility