Main Points :
- A Japanese superstar retail investor with over $1 billion in cumulative profit has purchased Bitcoin for the first time—at an all-time-high equivalent price.
- His entry marks a strategic pivot toward diversification and global risk-hedging, not short-term speculation.
- This move may reshape sentiment among Japanese investors and increase attention on crypto as a legitimate multi-asset portfolio component.
- Regulatory changes, institutional adoption, and macro-economic shifts strengthen the case for Bitcoin as “digital gold.”
1. Introduction: A Milestone in Japanese Investing Culture
On November 22, 2025, Testa—one of Japan’s most successful retail investors, known for turning an initial ¥3 million (≈ $20,000) into more than ¥100 billion (≈ $670 million) in cumulative profit—announced on X that he had finally bought Bitcoin.
And not at a low price.
He bought Bitcoin at around ¥13.4 million per BTC, which converts to approximately $90,000.
This was well above the levels at which he had been watching Bitcoin years earlier, around the ¥400,000 range.
His statement included a striking reflection:
“I can’t believe I passed on Bitcoin at ¥400,000 and now bought it at ¥13.4 million.”
But more importantly, he added:
“This is for global risk diversification—so that no matter what happens in the world, I’m covered.”
That single statement is the key to understanding why this matters for Japanese investors and for the global crypto market.
2. Why Testa Matters: Profile of a Superstar Investor
2.1 Background
- Started investing in 2005
- Initial capital: ¥3 million (~$20,000)
- Has never had a losing year
- Achieved ¥100 billion (~$670 million) cumulative profit in 2024
- Evolved from day trading to long-term, multi-asset allocation
He is widely regarded as one of the most disciplined and analytical investors in Japan.
2.2 Investment Milestones
- Early success in intraday trading
- Shift toward long-term global equity exposure
- Increased interest in non-equity assets such as real estate, gold, and global index funds
- And now—Bitcoin becomes part of his diversified strategy
His actions, like those of America’s “whale personalities,” tend to influence Japanese investment sentiment more broadly.
3. Why Bitcoin, and Why Now? A Strategic Shift
3.1 His Previous Stance: “Crypto Is Hard to Value”
At a major tech-finance event in August 2025 (WebX2025), Testa was outspokenly skeptical about crypto:
- “Crypto lacks objective valuation metrics like PBR or PER.”
- “I simply don’t understand it well enough to hold it.”
This mirrors the traditional hesitation many equity-focused Japanese investors have held for years.
3.2 The Turning Point: Macro, Regulation, and Institutional Adoption
However, by early 2025, Testa had repeatedly emphasized global risk-hedging:
- Inflation risk
- Yen depreciation
- War or geopolitical instability
- The decline of bonds as a safe haven
- Fragility of domestic-only portfolios
Simultaneously, major global shifts made Bitcoin much more institutionally acceptable:
- U.S. Spot Bitcoin ETFs (approved January 2024)
Opened the door for banks, pension funds, and global asset managers. - Corporate Bitcoin adoption
More companies adding BTC to treasury reserves. - Growing recognition of Bitcoin as “digital gold”
Especially in regions with currency risk and inflation. - Japanese regulatory reforms in discussion
Tax reform proposals suggesting potential 20% capital gains through separate taxation instead of current maximum 55% progressive tax.
Against this backdrop, Testa’s allocation is not speculation—it is portfolio modernization.
He is performing what many wealth managers already recommend worldwide:
Adding Bitcoin as a non-correlated asset to strengthen long-term risk-adjusted returns.
4. Bitcoin as a Diversification Tool
4.1 Portfolio Theory: Low Correlation = High Utility
In mid-2025, U.S. financial advisor Ric Edelman released a widely discussed report:
“The Death of 60/40 – And Why Crypto Should Be 10% to 40% of Portfolios”
He argued that the traditional 60/40 model no longer handles modern macro risk, and that crypto’s low historical correlation makes it a powerful diversifier.
Recommended allocation ranges:
- 10% for conservative investors
- 25% for moderate investors
- 40% for aggressive investors
This is a dramatic shift from his earlier “1% crypto rule.”
4.2 Where Bitcoin Fits in Testa’s Portfolio
His diversified portfolio already includes:
- Japanese equities
- U.S. equities
- All-country world index funds
- Gold ETFs
- Real estate
- Cash buffers
Bitcoin becomes:
- A hedge against inflation
- A hedge against currency debasement
- A hedge against geopolitical shocks
- A hedge against systemic risk itself
Even a small allocation can improve expected long-term return while providing downside protection during macro instability.
5. Effects on Individual Investors and Market Psychology
5.1 Influence on Japanese Retail Investors
Testa’s entry is more than symbolic.
His followers view him as:
- Data-driven
- Pragmatic
- Unbiased
- Unaffected by hype
Thus his decision may trigger:
- Lower psychological barriers
If a top-tier analyst buys BTC for diversification, others may consider it too. - Shift toward multi-asset thinking
More Japanese investors may explore combining equities, gold, and digital assets. - Greater focus on long-term investing
His willingness to buy even at ATH levels sends a message:
“Perfect timing is impossible—diversification matters more.”
5.2 Possible Impact on Japan’s Crypto Tax Reform Debate
The Financial Services Agency (FSA) has already pushed for crypto taxation reform for 2026.
Key proposal:
- Move from progressive income tax (up to 55%)
- To separate taxation around 20%, similar to stocks or FX
High-profile investor participation may accelerate public acceptance for this reform.
6. The Risks That Must Still Be Understood
No article on Bitcoin is complete without acknowledging its risks:
6.1 Price Volatility
BTC in 2025 saw:
- A high near ¥18.9 million (~$126,000)
- A sudden drop to ¥13 million (~$87,000)
Large swings remain normal.
6.2 Regulatory Risk
Major policy changes can dramatically impact prices.
6.3 Technical and Operational Risks
- Wallet mismanagement
- Exchange cybersecurity incidents
6.4 Liquidity Risk
Extreme events can widen spreads or impair execution quality.
Following Testa blindly is not a strategy.
Understanding personal risk tolerance is essential.
7. Recommended Japanese Exchanges (Overview)
Although not the focus of this article, major Japanese exchanges include:
- BitTrade
- SBI VC Trade
- Coincheck
- bitbank
- OKJ
- bitFlyer
These exchanges meet Japan’s strict security and custody standards, which rank among the strongest globally.
8. Charts and Visuals
[Chart 1: Bitcoin Price Trend ]
[Chart 2: Portfolio Allocation Example]
9. Conclusion: What Testa’s Move Means for the Future of Crypto Investing
Testa’s Bitcoin purchase symbolizes a shift in mindset among sophisticated investors:
- Crypto is no longer a speculative toy.
- It is a global asset class, serving as a hedge against systemic risk.
- Japanese investors are beginning to align with global portfolio standards.
- Regulatory momentum is building.
- The narrative of “digital gold” is being validated by real capital.
For readers looking for new assets, new revenue opportunities, or modern blockchain applications, Testa’s decision is a reminder:
The future of investing will belong to those who diversify intelligently—
across countries, across sectors, and now, across entirely new asset classes.
