[2018-04-12] Bitcoin Boom: Japan Trades $97 Billion in One Month

Alex077

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Quote from: tyz on April 12, 2018, 01:05:39 PM

Bitcoin Boom: Japan Trades $97 Billion in One Month
According to the country’s financial watchdog, a minimum of 3.5 million people was trading digital currencies on Japan’s 17 domestic exchanges at the end of March. The data also shows that a resounding 84 percent of those individuals fall between the ages of 20 and 40.

When China start to ban cryptocurrencies, Japan became one of the largest trading markets with a huge turnover. No wonder in this, the bitFlyer exchange was better for a long time in turnover volumes, and the market had extremely increased when Japan legalized cryptocurrency payments

prehisto

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Your Data Belongs To You

Seems that Japan and South Korea is the most "hyped" about cryptos so far thus the huge volume in exchanges. And this is not such surprise me, just nice to read positive things regarding crypto for a change

Would love to see other countries catching crypto fewer also Grin

aoluain

legendary

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When they made their announcement last year to recognise crypto as a
form of payment and also deciding to clean up the exchanges they knew
the potential of the industry and the numbers show there is a benefit.

Its a lesson to all those countries resisting crypto and its confirmation
for all the others supporting it.

CryptoBry

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Quote from: TravelMug on April 13, 2018, 10:11:12 AM

I'm not surprise but this news since Japan is the only country so far that fully supports crypto currency although it looks like they are putting a tighter regulations on exchanges because of the coincheck hacked. And even though that we have been struggling in the last 3 months or so, Japanese still believes on bitcoin resulting of billions of USD changing hands in one month as per article.

I always find Japan as the oasis as far as Bitcoin is concerned. And there are news that soon the country will be formulating its guidelines and framework for ICOs which can possibly make Japan as the haven for good projects using ICO for crowdfunding. This is one way to attract foreign money into the Japanese economy...something other countries failed to see as they are more concentrating on the FUDs around the industry. Japanese have this keen ability to see the real and lucrative picture beyond the smoke and they are doing things with less drama.

BitHodler

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Quote from: richardsNY on April 13, 2018, 12:47:59 PM

It means that the Japanese government scoops up at least 5% of that amount in tax income every year, which equates to $50 billion they otherwise wouldn't have. I wouldn't even be surprised if the figure is actually closer to $100 billion rather than the aforementioned. If you also add the tax on goods people pay when they purchase stuff with Bitcoin in one of the more than hundred thousand stores there, and more aspects that the crypto market brings with it, then it's blowing up even further.

It definitely wouldn't surprise me. I read an article not that long ago where Japan's GDP would likely book a growth of roughly 1% this year on Bitcoin alone. If we add other cryptos as well, we might be close to 1.5%.

This is while the entire crypto sphere is still in its very early stage. If people get paid in Bitcoin, spend their coins directly in stores, this number will only keep growing. Bitcoin boosts Japan's economy, and Japan Bitcoin's utility.

I think that's a pretty fair deal working out well for both parties. I would however like to see BitFlyer release some merchant sales data, because that would grant us a look into how willing people in Japan are to spend their coins.

bL4nkcode

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Limited in number. Limitless in potential.

After some unfortunate news from the first month of the year until March at least, there are some suitable news that will lead bitcoin price back where it has been on the last 4 months.
And obviously, Japan was one of the first countries adapters of cryptocurrency, especially bitcoin so it's not new but still it's a good news.

richardsNY

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That's just in one month. Let's say they trade $1 trillion worth of crypto before the end of the year, and the wealthy elite is subject to the highest tax category of 55%. It means that the Japanese government scoops up at least 5% of that amount in tax income every year, which equates to $50 billion they otherwise wouldn't have. I wouldn't even be surprised if the figure is actually closer to $100 billion rather than the aforementioned. If you also add the tax on goods people pay when they purchase stuff with Bitcoin in one of the more than hundred thousand stores there, and more aspects that the crypto market brings with it, then it's blowing up even further. Japan is doing right what other countries do wrong, but will very likely correct later on. Imagine what happens when adoption in Japan picks up even further....

TravelMug

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I'm not surprise but this news since Japan is the only country so far that fully supports crypto currency although it looks like they are putting a tighter regulations on exchanges because of the coincheck hacked. And even though that we have been struggling in the last 3 months or so, Japanese still believes on bitcoin resulting of billions of USD changing hands in one month as per article.

tyz

legendary

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Merit: 1533

Bitcoin Boom: Japan Trades $97 Billion in One Month
According to the country’s financial watchdog, a minimum of 3.5 million people was trading digital currencies on Japan’s 17 domestic exchanges at the end of March. The data also shows that a resounding 84 percent of those individuals fall between the ages of 20 and 40.
http://bitcoinist.com/bitcoin-boom-japan-97-billion-one-month/

Topic: [2018-04-12] Bitcoin Boom: Japan Trades $97 Billion in One Month (Read 131 times)