PakGazette – Peter Schiff, a prominent macroeconomic analyst and gold advocate, recently shared his perspective on Japan’s economic policies, while 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% rather than above 3%, 4% as it is now, a scenario that he believes would have prevented the accumulation of significant public debt.
Responding to a follower’s suggestion that several countries, including the United States, could be planning to adopt BTC as a strategic reserve, Schiff dismissed the idea as unfounded speculation. He suggested that such claims were likely being spread by people seeking to manipulate the price of Bitcoin for personal gain.
Japan’s own stance 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.
Does Bitcoin belong to the strategic reserve?
However, a lack of information about the United States’ plans was also cited as one of the reasons, offering a ray of hope for those advocating the creation of a Japanese Bitcoin reserve. Once this issue is finally resolved in the United States, other countries that rely on the United States as a reference point will also make their decisions regarding such an initiative.
According to the latest news, the new US administration, which will come to power, plans to appoint around 24 CEOs and corporate financiers to its proposed Cryptocurrency Advisory Council to provide policies for creating a strategic Bitcoin reserve. It will also work with key government agencies, including the SEC, CFTC, and Treasury, to provide regulatory clarity and create a favorable environment for cryptocurrencies.
None of this is written yet, leaving room for speculation like Schiff’s. The only concrete information the market is likely to get is when relevant guidelines are issued by the relevant authorities.
