With the Trump administration's proposal to establish a US Bit reserve, it has attracted global attention, and countries around the world have begun to discuss the relevant issues. The well-known business magazine Forbes has even predicted that by 2025, the G7 group or BRICS countries may establish Bit reserves, which could trigger a global Bit reserve race, putting Bit on par with assets such as gold, foreign exchange reserves, and sovereign bonds.
Shigeru Ishihara: Lack of Sufficient Information to Consider Including Bit in Reserves
Recently, the topic of Bit reserves has also spread to Japan. On the 11th, Satoshi Hamada, a member of the House of Councillors of the NHK Hominkan Party, raised the issue of the "US and other countries' movement to introduce Bit reserves" in the House of Councillors, stating:
"I believe Japan should follow the US and consider allocating a portion of its foreign exchange reserves to crypto-assets such as Bit."
In response, Japanese Prime Minister Shigeru Ishihara stated in a written response on the 20th that the government currently has limited understanding of the relevant developments in the US and other countries promoting Bit reserves, and added:
"Given the current situation, the government finds it difficult to express a position on this matter."
The Primary Objective is Security and Liquidity
In the official response, Ishihara further explained that under the legal framework for the use of special accounts, "crypto-assets are not considered part of foreign exchange." He emphasized that the current focus of foreign exchange reserve management is on maintaining the stability of foreign currency-denominated assets and the bond market, while ensuring the safety and liquidity of the reserves, which is the primary task of the special account usage.
Therefore, the Japanese government's position indicates that they believe crypto-assets such as Bit, due to their high volatility, do not meet the requirements of the current foreign exchange management system, and they remain cautious about including Bit in foreign exchange reserves.
The US and Many States Plan to Establish Bit Reserves
In the US, Trump promised to establish a national Bit reserve after taking office, but Federal Reserve Chairman Powell clearly stated in the post-FOMC meeting press conference on the 19th: "We are not allowed to hold Bit." Regarding the legal issues of holding Bit, he added:
"This is something Congress would have to consider, we have no intention of seeking to change the law."
This statement has dampened market expectations for the US to establish a Bit reserve. However, MicroStrategy co-founder and executive chairman Michael Saylor stated that Trump's attitude towards promoting a national Bit reserve is serious, and the final outcome remains to be observed in Trump's future policy direction.
Meanwhile, Republican state representative Mike Cabell and Aaron Kaufer of Pennsylvania have proposed allowing the state to use up to 10% of its funds to purchase Bit, with an investment of billions of dollars, aiming to protect the state from inflation and enhance its leadership in financial innovation.
Dennis Porter, co-founder of the Bit advocacy organization Satoshi Action Fund, revealed that his organization is in talks with 10 other US states to promote the establishment of Bit reserve-related plans.
Further Reading: Pennsylvania Lawmaker Proposes "Strategic Bit Reserve" Bill: Aiming to Invest Billions of Dollars to Stockpile Bit
