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U.Today - When most users in the cryptocurrency space hear the name Japan, their first thought is likely to be Metaplanet. This public company is modeling its Bitcoin (BTC) acquisition after Michael Saylor-led Strategy.
However, before April 2024, when Metaplanet adopted its Bitcoin accumulation strategy, Japan had already made history in the crypto space.
Japan’s groundbreaking Bitcoin regulation
Notably, as highlighted by Fidelity Digital Asset, a top investment manager, Japan made history eight years ago. On April 1, 2017, Japan became the first nation to acknowledge BTC as legal tender. This proved a huge milestone at the time.The Asian nation’s friendly regulatory disposition to the leading digital asset paved the way for businesses in the country to accept BTC. Following official recognition, residents and visitors could purchase BTC as a legal payment method.
Interestingly, this development had a positive impact on the broader cryptocurrency market. Japan’s positive regulatory stance triggered global interest in digital assets and fueled a major bull run in 2017.
When the Japanese authority gave the nod, BTC was valued at $1,098. However, the increased interest ignited by Japan’s move pushed Bitcoin’s price through the roof, hitting an all-time high (ATH) of $19,343.04 at the end of 2017.
Could Japan’s model inspire global Bitcoin adoption?
Fidelity Digital Asset’s post serves as a reminder of the rich history of Bitcoin and its resilience as the leading crypto asset.More importantly, it highlights how favorable regulation can drive adoption and price growth in the crypto space.
Today, thanks to favorable regulation, Metaplanet continues its Bitcoin buying spree even with debt funding. Due to its profitability, it recently issued $13.3 million worth of zero-interest bonds for future Bitcoin purchases.
Some believe that if other major countries follow the Japanese model, Bitcoin’s value could easily overtake gold faster than projected by Jurrien Timmer of Fidelity Investment.