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Highlights
- Amid weakening Yen concerns, Japan-based Metaplanet adopted Bitcoin as primary treasury reserve asset.
- A closer look into the firm's whitelist paper released on May 13.
- Bitcoin's price movements.
Japan’s Metaplanet has recently made global headlines following its strategic shift towards adopting Bitcoin as a primary treasury reserve asset. In direct response to sustained economic pressures in Japan, Metaplanet released an official statement today, May 13, outlining plans to transform its treasury and adopt BTC amid concerns surrounding retaining Yen.
This mover underscores Bitcoin’s global appeal, while also undermining Japan’s fiat currency. Here’s a closer look into the whitelist paper released by Metaplanet.
Treasury Transformation & BTC Adoption
With a staggering government debt-to-GDP ratio of 261%, Japan’s economic landscape is grappling with significant challenges. The value of the Yen has plummeted by 50% against the U.S. Dollar over the past decade, a development that has played a pivotal role in Metaplanet’s strategic shift towards BTC.
Metaplanet aims to prioritize accumulating Bitcoin over retaining Yen, aiming to tackle the abovementioned challenges. “This strategic decision is driven by both the need to mitigate the Yen currency risks associated with Japan’s fiscal policies, as well as the opportunity to capitalize on the continued monetization process of Bitcoin as it steadily entrenches itself globally,” the firm added.
Forging ahead with the ‘Bitcoin first, Bitcoin only’ motto, as mentioned in the firm’s whitepaper, Metaplanet has sharply adjusted its treasury operations to navigate through Japan’s complex economic landscape. As reported by Coingape Media earlier, drawing parallels with strategies deployed by MicroStrategy, the firm allocated $1.25 million toward acquiring Bitcoin in recent days.
The emergence of these Bitcoin-centric developments orbiting Metaplanet has further garnered global attention as BTC faces quite a volatile movement. Moreover, the firm’s investments could potentially prove highly beneficial, as the much-anticipated post-BTC halving rally is yet to kick in.
Also Read: Ripple Lawsuit Update: XRP Dips Amid Ongoing SEC Battle, What’s Next?
BTC Price Movements
As of writing, Bitcoin’s price surged 3.14% in the past 24 hours and is currently trading at $62,870. The token’s market cap surged 3.18% to $1.23 trillion, followed by a 24-hour trading volume jump of 71.96% to $22.12 billion.
While the value of the Yen weakens, BTC faces high turbulence, with speculations of a potential price rally imminent, primarily due to the halving. Metaplanet’s adoption of BTC further falls in line with this chronicle.
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