A renowned Japanese cryptocurrency businessman responded to his fellow Japanese who view Bitcoin as a currency that is “not backed by anything of value.”
Crypto entrepreneur Koji Higashi argued that these people, who still have a pessimistic view of Bitcoin, do not realize that the Japanese yen is “backed by hostages.”
A controversial statement
Higashi argued that Japan’s currency is supported by individuals he claimed as hostages to the economy.
The director of the Diamond Hands Lightning Network said that the perspective that Bitcoin is not backed by anything is an argument that most of the Japanese public agrees with. However, Higashi asked a controversial question: “What about the support of the Japanese yen?”
The argument for Bitcoin not being supported is that it doesn’t matter if you just say it because the general public agrees, but what about the support of the Japanese yen?
The Japanese yen is backed by Japanese hostages who work diligently, pay taxes and save in yen without saying a word, even though their lives are difficult.
It would be nice if you could say that much.
— Koji Higashi (@Coin_and_Peace) November 15, 2024
The crypto executive said that these people do not see that the fiat currency is “backed by hostages,” explaining that these are “Japanese people who, even when their lives are difficult, work diligently, pay taxes and save money in yen without any kind of money. word.”
Eroding quality of life
Higashi’s sentiment reflects the current state of Japanese society and how the quality of life in the Asian country has eroded over the past decade.
He said retirees find their pensions inadequate to support their daily lives, while workers are underpaid and try to cope with Japan’s weak currency and inflation. a growing bureaucracy that is “all beginning to speak out.”
Political Co-optation of Crypto?
Meanwhile, Higashi’s statement also opened a controversial issue on the suspicion of a political co-optation in the field of cryptocurrencies, which some analysts see as his response opened a “can of worms” on a debatable topic that there is a “state and corporate co-optation of cryptocurrencies” consists. popular cryptos”.
A well-known Bitcoin evangelist Roger Ver mentioned in his book that the original BTC has been “co-opted by powerful and vested interests.”
Some market observers suggested that bitcoin’s latest price high is likely “pumps from market hype” and the US dollar-led fiat system, which Higashi also brought up in the post.
Image: Canva
For example, another Bitcoin evangelist David Shattuck said the stablecoin Tether is “non-fungible,” adding that MicroStrategy can last forever because the company can get more out of it.
Some stablecoin defenders said Tether is “redeemable.” However, the reality remains that Tether is “overwhelmingly” denominated in US dollars.
Featured image of DALL-E, chart from TradingView