As a seasoned crypto investor with roots deeply entrenched in Japan, I find Koji Higashi’s statement both thought-provoking and alarming. Having witnessed the gradual erosion of the quality of life for many Japanese citizens over the past decade, I can understand where he is coming from. The diligent workers, retirees struggling with insufficient pensions, and the ever-expanding bureaucracy are all too familiar sights that paint a grim picture of our economy.
A renowned Japanese cryptocurrency businessman responded to his fellow Japanese who see Bitcoin as a currency “not backed by anything of value”.
Crypto entrepreneur Koji Higashi argued that these people who still have a pessimistic view about Bitcoin fail to realize the Japanese yen is being “backed by hostages”.
A Controversial Statement
In simpler terms, Higashi contended that the strength of the Japanese currency is held captive by the people whom he asserted are economically bound or obligated.
The executive from the Diamond Hands Lightning Network suggested that many people in Japan believe Bitcoin isn’t supported or backed by anything. Yet, he provocatively asked, “But what about the support behind the Japanese yen?
ビットコインは裏付けない論、とりあえずそれ言っとけば一般の人から同意されてるから言ってるだけでどうでもいいけど、では日本円の裏付けは？
日本円の裏づけは生活が苦しくなりながらも、何も言わずに勤勉に働いて納税して円で貯金してくれる日本人という人質。
そこまで言ってくれれば良し。
— Koji Higashi (@Coin_and_Peace) November 15, 2024
The crypto leader stated that some individuals fail to realize that traditional currencies like the yen are “supported by the hard work and dedication of ordinary Japanese citizens,” implying that these people continue to work tirelessly, pay taxes, and save money despite their personal struggles.
Eroding Quality Of Life
As a researcher, I find that my own sentiments echo the current condition of Japan’s society, suggesting a notable decline in the nation’s quality of life over the past ten years.
He expressed that retirees discover their pensions insufficient for sustaining their daily expenses, while workers struggle with a weak Japanese currency and inflation. Moreover, he stated that many Japanese citizens are falling victim to the extensive tax scam in the country due to the burgeoning bureaucracy, which is prompting more individuals to voice their concerns.
Political Co-Opt Of Crypto?
As an analyst, I find myself delving into a contentious matter sparked by Higashi’s statement. This issue revolves around the growing suspicion of political manipulation in the realm of cryptocurrencies. Some of us see his response as unwittingly opening a Pandora’s box, shedding light on a disputable topic: the potential alliance between states and corporations in influencing popular cryptos.
In his book, Bitcoin advocate Roger Ver stated that the true essence of Original Bitcoin (BTC) has been taken over and manipulated by influential and self-serving entities.
Some analysts propose that the recent record-breaking price of Bitcoin might be attributed to “excitement-driven increases” in the market, as well as the influence of the traditional US dollar-based monetary system, a point raised by Higashi in his post.
For example, another Bitcoin evangelist David Shattuck said that the stablecoin Tether is “unredeemable”, adding that MicroStrategy can continue forever because the company can leverage more on it.
Some stablecoin defenders said that Tether is “redeemable”. However, the reality remains that Tether is “overwhelmingly denominated” in US dollars.
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2024-11-22 06:29