2024-12-15 03:30:32
National Bitcoin Reserve Initiative: MP Satoshi Hamada Urges Japan To Take Action
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In a notable development for the cryptocurrency landscape, Japanese Member of Parliament Satoshi Hamada has urged his government to establish a Strategic Bitcoin Reserve, aligning Japan with a growing global trend where nations like the United States are exploring similar initiatives. Bitcoin Adoption Surges Among Nations And Major Corporations Hamada’s proposal reflects a broader interest in diversifying national reserves with cryptocurrencies, particularly following recent discussions in the Japanese parliament about reserve movements in the US and other countries. This surge in interest comes on the heels of Texas’s significant legislative efforts. The Texas House of Representatives has introduced a bill aimed at creating a strategic Bitcoin reserve, spearheaded by Republican state Representative Giovanni Capriglione. Related Reading: Australia’s Biggest Pension Fund Makes Historic $17M Bitcoin Investment, A National First The proposed legislation seeks to enable the state to accept taxes, fees, and donations in Bitcoin, with a commitment to hold these assets for a minimum of five years. Capriglione, who announced the bill during an X Spaces event, emphasized the potential benefits of such a reserve in enhancing Texas’s fiscal stability and reinforcing its leadership in Bitcoin innovation. “Probably the biggest enemy of our investments is inflation,” he stated, highlighting that a strategic Bitcoin reserve could provide a win-win scenario for the state. The legislation, titled “An Act Relating to the Establishment of a Bitcoin Reserve within the State Treasury of Texas and the Management of Cryptocurrencies by Governmental Entities,” underscores a significant trend of increasing institutional interest in Bitcoin as a strategic reserve asset. Notably, this movement is not limited to nations; following President-elect Donald Trump’s proposal for a US strategic Bitcoin reserve at the National Bitcoin Conference in Nashville earlier this year, there has been a marked uptick in BTC adoption among various countries and private companies. Bitcoinist previously reported that in just the past month, nine major firms from sectors including finance, healthcare, and artificial intelligence (AI) have embraced the market’s leading cryptocurrency as a strategic reserve asset. October 2025 As Next Major BTC Market Top? As these developments unfold, BTC has recently closed the week above the $100,000 mark, fueling speculation about its future trajectory. Crypto analyst Ali Martinez has pointed out that if Bitcoin adheres to historical trends observed in previous market cycles, the next market peak could occur in October 2025. The analyst noted that in the last two cycles, from market bottom to market top, it took approximately 1,065 days, while the duration from one market bottom to the next was around 1,430 days. Related Reading: Dogecoin Will See New ATH Soon – Top Trader Sets $2 Target Martinez also identified a critical support level for Bitcoin at $96,870, where approximately 1.45 million addresses accumulated around 1.42 million BTC. He stated that as long as this demand zone remains intact, there is a strong likelihood that Bitcoin will continue its upward momentum. At the time of writing, BTC is trading at $101,477, up 2% on the week after a brief consolidation period and a 7% drop towards $91,000. Featured image from DALL-E, chart from TradingView.com