Bitcoin analyst and crypto-asset treasury investor Adam Livingston argues that Metaplanet, a Japanese-listed Bitcoin treasury company, possesses a potential structural advantage over its US counterparts, primarily due to the long-term weakening of the yen. Livingston points out that Japan's debt-to-GDP ratio is approximately 250%, and this high level of debt continues to erode the yen's purchasing power, diluting the cost of yen-denominated financing within the Bitcoin and dollar-denominated systems. Data shows that since 2020, Bitcoin has increased by approximately 1159% in dollar terms, compared to approximately 1704% in yen terms. Livingston believes that Metaplanet bears interest and debt in a weakening fiat currency, resulting in a decrease in its actual Bitcoin-denominated financing cost over time, while the debt erosion rate for US-funded companies using dollar-denominated financing is relatively slower. This analysis was released at a time when the overall valuation of Bitcoin treasury companies was under pressure, with most companies' stock prices weakening along with industry adjustments. (Cointelegraph)