Bitcoin’s Failure in Japan

With Japan often at the cutting-edge of technological advances, one would think that the concept of Bitcoin would instantly be popular and widespread. However, adoption is extremely slow and even in 2023 most people do not know how to create their own Bitcoin wallet.

I believe this stems from a singular cultural factor which hinders adoption and may end up becoming the nation’s economic nail in the coffin. The consequences of this will likely be felt for generations, perhaps even leading to Japan losing it’s status of one of the world’s economic super powers. As I write this today, the yen has fallen steeply against the dollar, and the middle class households of Japan are feeling the strain to buy everyday goods.

This cultural factor, which exists in every country but perhaps in Japan exceedingly so, is the desire of everyday people to “not get political” and seek harmony. There is so much to appreciate about this philosophy, and how it can produce peace as well as strengthen relationships by focusing on commonalities rather than differences. And I am certainly not here to debate the merit or demerit of such a deeply ingrained cultural way of mind of the people living in Japan.

However, ultimately, this may lead to the demise of once a great economic nation if the people fail to recognize that Bitcoin is a movement not associated to great powers, administrations, governments, or systems designed to care for others — but rather, for individuals. And for a non-individualistic society, this is an extremely difficult leap.

Bitcoin’s value proposition is directly connected to deeply rooted political and economic ideas. The idea of a free market currency, of finite supply Austrian economics, of anti-establishment democratization and decentralization, and of individual sovereignty in the idea of running your own node and becoming your own bank. Bitcoin’s earliest adopters connected the wasteful, degenerate spending and bail-out policies of governments, and found Bitcoin as a miracle that allowed them to opt-out of the system. That is, to cease cooperation with a toxic nanny state.

These ideas of freedom are not very popular or interesting at all in the culture of Japan. In fact, in many ways they go completely contrary to the idea of cooperating with officials and ensuring that, above all else, retain harmony. No doubt any traveler to Japan will notice the respect people have for each other, especially to authorities, and to make great individual sacrifices for the collective whether that be the family, the corporation, or the government. It is uncouth to even imagine a selfish act of something that is of “individual” concern.

Bitcoin represents however, the greatest individual concern, an economic rifle to protect against economic tyranny. And to be armed with Bitcoin seems more akin to war and violence, flying directly against the desire for greater peace and non-violence as expressed by the culture of Japan.

This piece is far more a reflection and analysis, than a call to action. In no way would I suggest changing the culture, because in no way do I have the expertise or knowledge to even be sure that changing the culture of Japan in order to adopt Bitcoin would actually help the country. But that being said, I certainly think it would in light of it’s current state of their economy.

Could the culture change? Possibly. Humans are known to be adaptable. But being kind and polite and having a culture of sacrifice is wonderful in a world of abundance, but as the Titanic sinks, and you’ve helped everyone else off onto the lifeboats, sometimes there’s just no room left for the kind soul who helped everyone else.

I simply hope that somehow, people in Japan will find the courage to act in a way that is contrary to culture for this small, tiny instant, and take the time to understand the politics of fiat money affecting their daily lives. And think of Bitcoin not as an “aggressive weapon against tyrannical control and to assert individual liberty” but rather, a “non-violent resolution to poor government accountability.”

If this step can’t be taken, then the sacrifice for country will come at the cost of the country itself.