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 individuals who still have a pessimistic view about Bitcoin fail to understand the Japanese yen is being “backed by hostages”.
A Controversial Statement
Higashi argued that the Japanese currency is backed by individuals he claimed as hostage of the economy.
The Diamond Hands Lightning Network executive said that the angle that Bitcoin is just not backed up by something is an argument that the majority of the Japanese public agrees with. Nonetheless, Higashi threw a controversial query, saying, “What concerning the backing of 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 executive said that these people don’t see that the fiat currency is “backed by hostages”, explaining that these are “Japanese individuals who, even when their lives are struggling, work diligently, pay taxes, and lower your expenses in yen with out a word.”
Eroding Quality Of Life
Higashi’s sentiment reflects the present state of Japanese society and the way the standard of life within the Asian country has been eroding previously decade.
He said that retirees find their pensions inadequate to support their every day lives while employees are underpaid and take a look at to contend with the weak Japanese currency and inflation, adding that many Japanese have change into victims of the huge tax racket within the country because of this of ever-expanding bureaucracy that’s “all beginning to speak out”.
Political Co-Opt Of Crypto?
Meanwhile, Higashi’s statement also opened a controversial issue concerning the suspicion of a political co-opt on cryptocurrencies which some analysts see as his response opened a “can of worms” a few debatable topic that there’s a “state and company co-opt of popular cryptos”.
A known Bitcoin evangelist Roger Ver mentioned in his book that the unique BTC has been “co-opted by powerful and vested interests”.
Some market observers suggested that the most recent price high of bitcoin is believed to be “pumps from market hype” and the US dollar-led fiat system which Higashi also brought up within the post.
Image: Canva
For instance, one other Bitcoin evangelist David Shattuck said that the stablecoin Tether is “unredeemable”, adding that MicroStrategy can proceed perpetually because the corporate can leverage more on it.
Some stablecoin defenders said that Tether is “redeemable”. Nonetheless, the truth stays that Tether is “overwhelmingly denominated” in US dollars.
Featured image from DALL-E, chart from TradingView