Japanese lawmaker Satoshi Hamada pushes for a national Bitcoin reserve

House of Councillors member Satoshi Hamada has called for Japan to start considering a national Bitcoin reserve.

As more countries are seeking a Bitcoin reserve, a Japanese lawmaker has urged his government to do the same.

On December 11, Hamada discussed the proposition with the country’s House of Councillors to investigate how other nations are starting their own Bitcoin reserves. Coincidentally, his first name is the same as that of Bitcoin’s anonymous creator, Satoshi Nakamoto.

Hamada’s proposal directly referenced US officials and crypto supporters who are trying to establish a strategic Bitcoin reserve in the country. He claims replicating the move would be a strong move for markets.

浜田聡事務所より質問主意書を提出いたしました。@satoshi_hamada

「米国等が進めているビットコイン準備金導入の動きの把握状況等に関する質問主意書」 pic.twitter.com/n0I0G3RucM

— 村上ゆかり (@yukarimurakami5) December 11, 2024

“I think this issue should be talked about, and I would like to hear the government’s opinion,” said Hamada in the translated statement. He also asked, “Should Japan start converting some of its foreign reserves into cryptocurrencies like Bitcoin?

Japan’s discussions about a national Bitcoin reserve follow similar moves by Russia, Brazil, and Poland. The topic has grabbed global attention thanks to Bitcoin’s price hitting a record of over $103,000 earlier this month.

Bitcoin reserve may benefit crypto investors in Japan’s $4 trillion economy

Hamada also mentioned the US’s plans for a strategic Bitcoin reserve on social media platform X.

Despite still having one of the largest GDPs in the world, Japan slumped to fourth in 2023. The country fell from third behind Germany, which had a slower economy. If Bitcoin has any future, then setting up a national Bitcoin reserve could be good for crypto investors, given the Asian nation’s $4 trillion GDP.

Hamada is a member of a political party that holds only two seats in Japan’s parliament, but his vision is likely to see some support in its house.

National Diet member Yuichiro Tamaki, the leader of Japan’s Democratic Party for the People, also supports cryptocurrency. He recently promised to cut the crypto tax in the country if re-elected.

However, Japan’s new prime minister could hinder crypto promotion in the country. He supports accommodative monetary policy and the use of taxes due to his concerns about deflation.