Japanese Yen Collapse May See More Firms Adopt Bitcoin (BTC) Very Soon

The continuation of the high interest rates by the Federal Reserve has dealt a major blow to the Japanese Yen making it one of the worst-performing currencies in the world. With Japan’s fiat currency under major stress, we can see more private firms join Metaplanet in adopting a sound Bitcoin strategy and holding BTC as part of its reserves.

Japanese Yen Under Major Stress

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.

Dear @Bank_of_Japan_e congratulations, your toilet paper of a currency is now the worst performing in the world, with the lira, peso and real all stronger.

And the best part is once you finally contain it, you have a bond market crash to look forward to. pic.twitter.com/UKmKWuDq6c

— zerohedge (@zerohedge) June 27, 2024

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.

Also Read: Is Apple Buying Bitcoin? Michael Saylor’s Cryptic Post Sparks Buzz

Bitcoin – A Hope for Japan

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.

Is Japan printing Yen to secretly buy #bitcoin? If so it would be the smartest move in the history of Japan. If not they will become a third world country really soon.

— Bitcoin for Freedom (@BTC_for_Freedom) June 27, 2024

It will interesting to see if Japan can draw a leaf from El Salvador‘s playbook and adopt a long-term Bitcoin strategy.  If so, this could be a major step for the world’s fourth-largest economy.

Also Read: Could Japan’s Banking Crisis Trigger Another Bitcoin Rally?

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.