Emergency ‘wall of liquidity’ to prop up Yen bullish for Bitcoin: Swan
Swan Bitcoin’s Dante Cook suggests that Bitcoin could benefit from the declining Japanese yen, depending on what the U.S. and Japan central banks do next.
A declining Japanese yen may end up a “disaster” for United States treasuries, which in turn, could be a boon to Bitcoin (BTC) as investors flock to alternative stores of value, according to an executive from Swan Bitcoin.
At the time of publication, 1 JPY is the equivalent to 0.0064 USD, losing 2.39% strength over the past 30 days, as per Google Finance data.
“This spells disaster for Japan and the U.S. potentially, as Japan is the largest holder of U.S. treasuries, only 4% of its forex reserves are in gold, the rest are almost exclusively in U.S. treasuries,” Swan Bitcoin head of business Dante Cook explained in a May 8 episode of Bitcoin Daily.
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Author: Ciaran Lyons
