Pakinomist – Peter Schiff, a well-known macroeconomic analyst and gold advocate, recently shared his perspective on Japan’s economic policies, while also expressing strong skepticism about the concept of (BTC) as a strategic reserve.
Noting that the Bank of Japan’s efforts to raise inflation over the past decade have backfired, Schiff suggested that the economy would have been in better shape if inflation had remained below 2% instead of above 3.4% , as it is now, a scenario that he believes would have prevented the accumulation of greater national debt.
In response to a follower’s suggestion that more countries, including the United States, might be planning to adopt BTC as a strategic reserve, Schiff dismissed the idea as baseless speculation. He suggested that such claims were likely propagated by individuals trying to manipulate the Bitcoin price for personal gain.
Japan’s own position on cryptocurrency reserves has been cautious, with none other than Prime Minister Shigeru Ishiba saying in December 2024 that the volatility of crypto assets, including Bitcoin, was incompatible with the current system, making the introduction of a BTC reserve questionable .
Does Bitcoin Belong to a Strategic Reserve?
However, the lack of information about American plans was also mentioned as one of the reasons, which gives a glimmer of hope for those who favor the creation of a Japanese Bitcoin reserve. Once this issue is finally resolved in the United States, the other countries that rely on the United States as a benchmark will also make their decisions regarding such an initiative.
According to recent news, the new US administration that will come to power plans to appoint around 24 CEOs and corporate financiers to its proposed Cryptocurrency Advisory Council to provide policy to create a strategic Bitcoin reserve. It will also work with key government agencies, including the SEC, CFTC and Treasury, to provide regulatory clarity and create an enabling environment for cryptocurrencies.
None of this is set in stone yet, leaving room for speculation like Schiff’s. The only concrete information the market is likely to get is when the relevant guidelines are issued by the relevant authorities.
