#委内瑞拉比特币储备 Seeing Metaplanet's move, I have to be honest. The logic of Yen depreciation sounds very appealing, but this is exactly where pitfalls are easy to fall into.

Last year, I saw too many people attracted by the story of "low-cost financing," only to realize they completely misunderstood exchange rate risks and debt cycles. Metaplanet is indeed clever—Japan's debt-to-GDP ratio at 250% leads to structural Yen depreciation, and their Yen-denominated liabilities are relatively devalued. The 4.9% coupon rate's actual cost is indeed shrinking. The data is also impressive: 35,102 BTC, with an additional 4,279 recently accumulated.

But there's a trap I've been warning those around me about: when everyone talks about "this country's monetary policy being favorable," that's often when the risk is greatest. How long can Japan's ultra-loose policy last? Once the policy shifts, this logic will reverse. Also, Bitcoin's gains against the Yen (1704% vs 1159%) are indeed larger than against the USD, but you have to ask yourself— is this an opportunity or a sign of overextension?

My advice is straightforward: don't be blinded by the concept of "Crypto Treasury." Whether US or Japanese companies hold BTC, they are essentially engaging in financing arbitrage. The risk is always there, just wearing different masks. If you insist on paying attention to such companies, at least understand their debt structure and the long-term policy trends of their home countries, rather than being led by simple yield figures.