‘Yen is Backed By Hostages’

A famous Japanese cryptocurrency entrepreneur responded to his Japanese colleagues who see Bitcoin as a currency “not backed by anything of value.”

Crypto entrepreneur Koji Higashi argued that those people who still have a pessimistic view of Bitcoin fail to realize that the Japanese yen is “backed by hostages.”

Controversial statement

Higashi said the Japanese currency was backed by individuals who he claimed were hostages of the economy.

The Diamond Hands Lightning Network CEO said that the view that Bitcoin is not backed by something is an argument that most of the Japanese public agrees with. But Higashi posed a controversial question, saying: “What about supporting the Japanese yen?”

– Koji Higashi (@Coin_and_Peace) November 15, 2024

The cryptocurrency executive said that these people do not see fiat currency as “backed by hostages,” explaining that these are “Japanese people who, even when their lives are struggling, work hard, pay taxes, and save money in yen without having to work.” word.”

Erosion of quality of life

Higashi’s sentiments reflect the current state of Japanese society and how the quality of life in the Asian country has eroded in the past decade.

Retirees are finding their pensions insufficient to support their daily lives while workers are earning low wages and trying to cope with the weak Japanese currency and inflation, he said, adding that many Japanese have become victims of the country’s massive tax extortion as a result of the constant taxes. An expanding bureaucracy that “began to speak out.”

Political polarization of cryptocurrencies?

At the same time, Higashi’s statement also opened up the controversial issue of suspected political choice in cryptocurrencies, to which some analysts see his response as opening a “can of worms” on the controversial topic that there is “a choice between the state and corporations.” Popular cryptocurrencies.

One well-known Bitcoin evangelist, Roger Ver, stated in his book that the original Bitcoin was “co-opted by powerful and personal interests.”

Some market watchers have suggested that the recent rise in Bitcoin’s price is believed to be a “pump of market noise” and the US dollar-led fiat currency system, which Higashi also raised in the post.

Image: Canva

For example, another Bitcoin evangelist, David Shattuck, said that the stablecoin Tether is “irredeemable,” adding that MicroStrategy can continue forever because the company can profit more from it.

Some stablecoin advocates have said that Tether is “refundable.” However, the fact remains that Tether is “overwhelmingly denominated” in US dollars.

Featured image from DALL-E, chart from TradingView