Tokyo-listed Metaplanet outlines Bitcoin plan amid rising economic pressure in Japan Tokyo-listed Metaplanet outlines Bitcoin plan amid rising economic pressure in Japan
Metaplanet said it would embrace a Bitcoin-first approach and praised the blockchain's proof-of work mechanism.
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Updated: May. 13, 2024 at 11:13 am UTC
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Tokyo stock exchange-listed Metaplanet declared Bitcoin as its strategic reserve asset due to the current economic uncertainty pervading the Japanese economy, according to a May 13 statement.
The firm said:
“Metaplanet has adopted Bitcoin as its strategic treasury reserve asset. This move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen.”
Metaplanet justified this shift by highlighting Bitcoin’s advantages over the Japanese Yen, including protection against currency devaluation, opportunities for speculative arbitrage in capital markets, and leveraging Bitcoin’s tax benefits.
Meanwhile, the firm’s latest move has continued with several pro-BTC decisions in recent months. In April, the firm committed to Bitcoin as a core treasury asset, allocating ¥1 billion, around $6.56 million, to the flagship digital asset in a significant shift in its financial strategy.
Since then, the Japan-based firm has accumulated approximately 117.72 BTC, valued at 1.2 billion JPY or $7.7 million. It has also appointed Dylan LeClair, a staunch Bitcoin advocate, as its Director of Bitcoin Strategy.
Bitcoin-first approach
Metaplanet said it would prioritize a “Bitcoin-first [and] Bitcoin-only approach” for its operations.
According to the firm, this decision is rooted in its belief that the flagship digital asset is “fundamentally superior to any other forms of political currency, traditional stores of value and investment, and all other crypto-assets/securities.”
It continued that BTC’s blockchain reliance on the proof-of-work (PoW) consensus mechanism is advantageous as it “is intricately linked to real-world energy inputs, mirroring the cost conditions seen in traditional commodities.”
Metaplanet furthered:
“Bitcoin’s monetary policy is rigidly set in stone through 2140, setting it apart from both monetary metals and competing crypto projects operated at the whims of centralized developer teams. There will only ever be 21,000,000 BTC.”
Consequently, the Japanese public company stated that it would initiate several financial options, including periodic share issuance and long-dated yen liabilities, to accumulate BTC instead of retaining the “ever-weaker yen.”
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Metaplanet
Metaplanet Inc., a publicly traded company listed on the Tokyo Stock Exchange (3350), is a Japanese company that has undergone a strategic transformation to focus on Bitcoin.
