#委内瑞拉比特币储备 Looking at Metaplanet's recent moves, a forgotten historical thread flashes through my mind.

Venezuela once tried to use Bitcoin reserves to counteract dollar dominance. And the result? Political risks, liquidity crises, technical infrastructure flaws—ultimately becoming just a topic of discussion. Meanwhile, Metaplanet is taking a different path—not confrontation, but utilization. The structural devaluation of the Japanese yen appears to be Japan’s economic dilemma on the surface, but from another perspective, it has become an arbitrage window.

The debt/GDP ratio at 250%, and the yen’s depreciation driven by annual deficit financing, are the long-term outcomes of central bank policies. Metaplanet has seized this mechanism—using the devalued yen to finance Bitcoin purchases, causing liabilities to shrink in Bitcoin terms. A 4.9% coupon sounds high, but when measured in Bitcoin, this cost is decreasing year by year. From 2020 to now, Bitcoin has risen 1,704% against the yen, only 1,159% against the dollar. This is not coincidence; it’s systemic disparity.

Holding 35,102 BTC and continuing to accumulate, this pace reminds me of projects that had the courage to add to their positions during cyclical lows. But this time, Metaplanet has found a seemingly "legal arbitrage" model—leveraging gaps in macroeconomic policies, using financial engineering to amplify Bitcoin allocation returns.

The question is, how long can this advantage last? The Bank of Japan will eventually face inflationary pressures. Once policy shifts to tightening and the yen appreciates, this logic will reverse. History shows us that all seemingly "stable arbitrage" opportunities hide cyclical traps behind them.