An officer from Swan Bitcoin foresees that the diminishing Japanese yen may influence U.S. treasuries, pushing investors towards Bitcoin as an alternative investment. Currently, 1 JPY is equivalent to 0.0064 USD, signaling a decrease of 2.39% in the previous month.
Under these circumstances, Japan, being the most significant possessor of U.S. treasuries, confronts potential consequences owing to the yen devaluation. Unless rectified by the U.S. government, Japan may be compelled to offload its U.S. treasuries to steady its currency. This action could result in augmented liquidity in the market, favoring Bitcoin's performance.
Moreover, Bitcoin has already attracted substantial institutional investments subsequent to the sanction of 11 spot Bitcoin ETFs by the U.S. Securities and Exchange Commission. These ETFs have accumulated $11.78 billion in total net inflows, with Bitcoin presently valued at $61,399, experiencing a 6.29% upsurge in the preceding week.
In the midst of the equivocal traditional financial markets, there could be an upsurge in investments in more speculative crypto altcoins, as per Swan Bitcoin's officer. The unveiling of VanEck's MarketVector MEMECOIN index, encompassing cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB), stands as evidence to this potential transition.
