Japanese Yen Collapse May See More Firms Adopt Bitcoin
Earlier today, the Japanese Yen dropped to ¥160.8 against the USD, its weakest level since 1986. Interestingly, the data shows that even the Turkish Lira, Argentine Peso, and Brazilian Real are performing better than the Yen. Just in the last four years since June 2020, the Japanese Yen has crashed 34% against the USD. This is pretty unusual and concerning, especially for a developed country’s currency. Earlier this year in April and May, Japanese authorities spent $62 billion in the foreign exchange market to bolster the yen and prevent it from dropping below the 160 level. Despite having a temporary impact, the Yen has even slipped under the threshold.Japanese investment firm Metaplanet is already making a shift in tune with the macro developments. Following a path similar to MicroStrategy, Metaplanet recently announced $7 million worth of Bitcoin purchase through a bond sale. Market analysts have expressed concerns about the Bank of Japan’s monetary decision and the printing of the Japanese Yen. Market analysts suggest that with excess printing of fiat currency, Japan should be secretly buying Bitcoin, in order to protect themselves from this currency collapse.
Japanese investment firm Metaplanet is already making a shift in tune with the macro developments. Following a path similar to MicroStrategy, Metaplanet recently announced $7 million worth of Bitcoin purchase through a bond sale. Market analysts have expressed concerns about the Bank of Japan’s monetary decision and the printing of the Japanese Yen. Market analysts suggest that with excess printing of fiat currency, Japan should be secretly buying Bitcoin, in order to protect themselves from this currency collapse.
