Japan-based Bitcoin BTC/USD hoarding company Metaplanet Inc. MTPLF announced the appointment of Eric Trump, President Donald Trump's son, as a strategic advisor on Friday.
What happened: The Tokyo Stock Exchange-listed firm said in a statement that Trump would join the newly formed Strategic Board of Advisors, an entity tasked with driving Bitcoin adoption
"We are honored to welcome Eric Trump as the first member of our Strategic Board of Advisors and look forward to welcoming him to our annual meeting," said Metaplanet CEO Simon Gerovich.
Eric Trump, Executive Vice President of The Trump Organization, has been making bullish remarks about Bitcoin and the broader cryptocurrency sector, particularly after his father assumed the U.S. presidency. He has also promoted World Liberty Financial, a decentralized finance project.
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Why It Matters: The company adopted Bitcoin as a strategic treasury reserve asset to shield itself against Japan's economic problems and the declining value of its national currency, the yen.
Currently, it's Japan's largest corporate holder of Bitcoin, sitting on a stash worth $269.56 million, according to data from BitcoinTreasuries.
This firm has replicated the actions of Michael Saylor's Strategy, a company that has evangelized Bitcoin corporate adoption. As a result, it has earned the sobriquet "Asia's Strategy."
Price Action: At the time of writing, Bitcoin was exchanging hands at $84,159.13, down 2.14% in the last 24 hours, according to data from Benzinga Pro.
In the over-the-counter market, Metaplanet traded at $27.80, up 1.30%. In Japan, its stock has skyrocketed 2,152.38% over the past year.
Photo by Mark Reinstein on Shutterstock
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