Swan Bitcoin Business Director: Yen depreciation may affect the U.S. bond market, which in turn is good for Bitcoin

Dante Cook, head of Swan Bitcoin business, said that the depreciation of the yen may cause a "disaster" in the U.S. Treasury market, which will in turn bring benefits to Bitcoin. Google Finance data shows that the current yen-dollar exchange rate has depreciated to 1: 0.0064, a drop of 2.39% in 30 days. Dante Cook pointed out that as the largest holder of U.S. Treasury bonds, Japan's foreign exchange reserves account for only 4% of gold, and the rest are almost all U.S. Treasury bonds. If the Japanese government is forced to sell U.S. Treasury bonds to "support its currency", it will lead to increased uncertainty in the traditional securities market, and funds may flow into alternative value storage methods such as Bitcoin. Cook also believes that the uncertainty in traditional financial markets will prompt investors to turn to riskier cryptocurrency altcoins. He specifically mentioned the MarketVector MEMECOIN index recently launched by VanEck, and believed that "an institution providing such services to retail investors" was shocking, but it also reflected the uncertainty of the market. (Cointelegraph)