Japan Just Killed the “Bitcoin Will Be Banned” Meme

One of the most durable claims of cryptocurrency skeptics is that “governments will ban bitcoin once it threatens their fiat currency or their control.” Ben Bernanke recently gave voice to this claim as if it was received wisdom.

Sorry, crypto-skeptics: Japan just killed the “bitcoin will be banned” meme.Japan has established itself as the safe haven of all legit cryptocurrencies and cryptocurrency exchanges.

Japan is not just the world’s third largest economy; it is a keystone of the global economy in supply chains, ownership of overseas assets, capital flows and technology. Japan’s embrace of cryptocurrencies suggests the Japanese understand that adoption of crypto and blockchain technology offers whatever nation is firstest with the mostest in legal protection of these technologies will have a powerful competitive advantage.

Many crypto skeptics claim the U.S. can browbeat adopters of bitcoin into banning cryptos via various threats such as limiting access to U.S. banking. Memo to skeptics: Japan is too strategically important for the U.S. to browbeat over something as small in scale as cryptos. Furthermore, Japan is long past the point where it will automatically comply with every self-destructive demand of the American Imperial project.

As I have often noted here, the market cap of the entire crypto market–$170 billion– is mere signal noise in the $500+ trillion market of global assets. Even if the crypto market rose 10-fold to $1.7 trillion, it would still be nothing but a tiny blip in the global asset marketplace.

Japan has the regulatory legal and bureaucratic structure to monitor and police crypto exchanges and transactions. This complex structure can be deployed to bog down whatever Japan doesn’t favor in endless red tape, or it can accommodate whatever Japan favors. Clearly, Japan favors the adoption of cryptocurrencies and blockchain technologies.

The legalization of cryptocurrencies is now a done deal. Any nation foolish and self-destructive enough to attempt to outlaw cryptos will simply hasten the flow of capital to Japan and other safe-haven early adopters.

Clearly, the Japanese recognize the adoption of cryptocurrencies and blockchain technologies as a competitive advantage, and they’re right.

“We’re Back”- China’s Largest Crypto Traders Are Relocating

Sorry, Mr. Bernanke, you’re wrong yet again.

Of related interest: Why Governments Will Not Ban Bitcoin (October 23, 2017) 

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  • Shiggity

    Japan is the first post-scarcity type society.

    Anyone else think it’s funny that the media is simultaneously freaking out about overpopulation then freaks out about ‘population collapse’ in Japan?

    Getting stuck in your own logical fallacy must be a real bitch.

  • kimyo

    this article has the breathless air of a elon musk puff piece. lots of excitement, little in the way of sanity/reality.

    bitcoin is not truly anonymous, and if you mine/trade it on any typical pc your holdings are not secure (remember that the nsa has backdoors into motherboards, hard drives, routers and operating systems. also, the shadow brokers release of leaked nsa cyber tools provides everything a hacker needs to commandeer your system and grab your digital currency holdings.)

    lastly, if the government had no problem seizing privately held gold, why would they hesitate to do so with bitcoin?

    • Sara

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    • cstahnke

      That’s the big hole in the system, however, that depends a lot on the USG. Right now, the government is in danger of flying apart–by that I mean the Deep State. It is so filled with division that I’m not sure it would be able to develop a strategy on Cryptos so it’s infiltration of computers may be more easily bypassed in my opinion. We’ll see.

  • but

    why would they ban a tool which will attempt to get people to go cashless voluntarily?

    if you or i create ANY currency we would go to jail for fraud and counterfeiting. no competition is allowed with government/banker issued currency, absolutely none. put 2 and 2 together and figure out that they do not ban cryptos for a reason. then by extension, figure out who really was cryptos… do ya think they will let a handful of computer savvy nerds own/create the future currency of the world?

    this crypto crap is soooooo full of holes, but they do their darned best to suppress and ignore it all, including CHS. promotion anyone?????

    • but

      that should read “…who really OWNS cryptos…”

      autocorrect is a pain.