According to Odaily Planet Daily, Dante Cook, head of Swan Bitcoin business, said that the depreciation of the yen may cause a "disaster" in the US Treasury market, which will in turn bring benefits to Bitcoin. Currently, Google Finance data shows that the yen-dollar exchange rate has depreciated to 1: 0.0064, a drop of 2.39% in 30 days. Cook pointed out that Japan, as the largest holder of US Treasury bonds, has only 4% of its foreign exchange reserves in gold, and the rest is almost entirely US Treasury bonds. If the Japanese government is forced to sell US Treasury bonds to "support its currency", it will lead to increased uncertainty in the traditional securities market, and funds may flow into alternative value storage methods such as Bitcoin.
Cook also believes that the uncertainty in traditional financial markets will drive investors to riskier cryptocurrency altcoins. He specifically mentioned VanEck's recently launched MarketVector MEMECOIN index, saying that "an institution providing such services to retail investors" is shocking, but it also reflects market uncertainty.
