CandleFocus JPY is ‘backed by hostages’ — crypto exec Koji Higashi
2024-11-21
Author: Content Editor
Koji Higashi, a Japanese crypto entrepreneur, argues that Bitcoin is more valuable than the Japanese yen because the yen is backed by citizens who are held hostage to the struggling economy. Higashi believes that the Japanese people, despite facing economic struggles, work diligently and pay taxes in yen without protest. This highlights a bigger issue for Bitcoin supporters, which is the potential co-opting of cryptocurrencies by political and corporate interests. Some believe that cryptocurrencies like Bitcoin have been co-opted by powerful actors, while others argue that the recent rise in Bitcoin's price is fueled by market hype and the same fiat system that Higashi criticizes. The debate raises concerns about the role of centralized actors and the potential impact on the value and trustworthiness of cryptocurrencies. Higashi supports Layer 2 custodial entities such as the Liquid and Lightning Networks, but also predicts that companies like MicroStrategy and its CEO, Michael Saylor, may become enemies of Bitcoin in the future.
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