Over 50% of the world’s bitcoin trading volume is in Japan. This is because the Japanese are crazy about bitcoins! So why did it happen?
It all started when Saito, a 28-year-old programmer working at Tokyo Electric Power Company (TEPCO), was laid off due to reorganization (he worked at TEPCO’s IT department). As a result, he became a bitcoin broker and motivated his former colleagues to invest in bitcoin. One of them was a 38-year-old man who studied at the same school from 5th grade through high school.
The young trader bought it from this client’s friend, a 55-year-old salaryman working for a pharmaceutical company. And it goes like this, like a snowball.
Takahiro (38), the bitcoin broker, says, ” I was interested in bitcoin when I saw it on TV, but thinking that only geeks used bitcoins and I wouldn’t be able to buy them easily by myself, I ignored it for a while.”
Koji Tsuchida (55), a salaryman who works for a pharmaceutical company, bought about 3000-4000 BTC from the 38-year-old Tokyo Electric Power Company programmer. “My friends told me he would be quite reliable, so I just gave it a try,” he says.
The money that was supposed to be used for his daughter’s wedding and the honeymoon was invested in bitcoin at the price of 100,000 yen (about $1,000). “I thought buying bitcoins would be safer than putting my money into banks and saving them in safes,” says Tsuchida.
Bitcoin is seen as a haven for money because the government or other factors can’t influence it, and any user can freely own them. That’s why people are using bitcoins to store their assets. You can also buy Bitcoin from https://blockchaineventon.com/ easily. Japan has less trust in its national savings system due to the financial crisis.
The program “Abenomics” has been trying to rescue the country from economic stagnation since 2013, but there’s still a considerable distrust towards Japan’s economy. Given this situation, investors prefer bitcoin as a haven currency.
In addition, those who have bitcoins can invest them or sell them at their own will. You can’t do that with Japanese yen, not to mention you can’t carry it around!
All you need to know about Japan’s bitcoin market?
-Japan’s bitcoin market has been multiplying since April.
-People trust it as a haven currency and use it to store assets due to the lack of trust in Japan’s national saving system.
-The program ‘Abenomics’ is trying to revive the stagnated Japanese economy, but there still is a massive distrust towards it.
-The Japanese government approved bitcoin as a currency on April 1, but there are still some restrictions. For instance, you have to pay a consumption tax when buying bitcoins. However, this law is being revised due to the operational difficulties of applying current laws against money laundering with digital currencies and the risk of losing tax revenue.
Those who have bitcoins can invest or sell them at their own will. You can’t do that with Japanese yen, not to mention you can’t carry it around!
-The number of bitcoin investors, on the other hand, has decreased since digital currencies are now being covered in mainstream media, which makes people feel like they know it better.
-The money that was supposed to be used for Tsuchida’s daughter’s wedding and the honeymoon was invested in bitcoin at the price of 100,000 yen (about $1,000). “I thought buying bitcoins would be safer than putting my money into banks and saving them in safes,” says Tsuchida.
-Japan’s bitcoin market has been increasing since April, thanks to Saito and his friends, who were laid off from TEPCO. However, this trend may be slowing down as virtual currencies are now being covered on media and link to people feeling like they know it better.
Conclusion
The Japanese government approved bitcoin as a currency on April 1, but some restrictions are still. For instance, you have to pay a consumption tax when buying bitcoins. However, this law is being revised due to the operational difficulties of applying current laws against money laundering with digital currencies and the risk of losing tax revenue.
Thanks to Saito and his friends, who were laid off from TEPCO, Japan’s bitcoin market has been increasing since April. However, this trend may be slowing down as virtual currencies are now being covered in the media, and people feel they know it better.
