The very nature of Bitcoin’s decentralization, coupled with the parochial interest of nation-states, might be a perfect recipe for assuring that Bitcoin will not be wholesale rendered ‘illegal’ by the nations of the world.
In an article in Activist post, we see a provocative case being made that Japan has developed a powerful self-interest in assuring that bitcoin is not made illegal globally.
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Attempts by nations such as China to crush the cryptocurrency have only been met, so far, with rising prices for one bitcoin. Japan might just be the most important catalyst in preserving the ‘legality’ of Bitcoin.
From Activist Post
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.