Bitcoin – A big hit in Japan

Mai Fujimoto also known as “Miss Bitcoin” in Japanese media says she has converted all her disposable income into crypto currency as an alternative to deposit it in the bank.

She is not alone in the frenzy that Bitcoin is attracting Japanese in a big way. The popularity of Bitcoin can be judged from the fact that it virtually forms annualized quarter to quarter 0.3 of GDP on percentage point basis. The land of rising sun (Japan), third-biggest economy has recognized Bitcoin as a legal tender way back in April. It is considered as a positive approach by the federal government.

China has banned ICO (Initial Coin Offering) and crypto currency exchange. It has set the ball rolling for its approach to new currency. In future, China will take tough decisions. Because of the ban in China, Japan is benefitting. Chinese investors are crossing over to Japan and setting up their businesses in Japan.

Korean citizens are fighting against their regulator because it has put its foot down on the alternate currencies. But there is an immense interest of the citizen in the crypto currency.

Japan is among the first eastern countries to integrate Bitcoin payment system. Even salaries to employees are partly paid in Bitcoin. Big companies are involved because of the sense of security and government’s approval. Media hype is attracting the whole group of new people towards Bitcoin.

For Japanese, Bitcoin came as a good alternative and at the right time. Because of ultra-low interest rates prevailing in Japan, investors find it better to invest in Bitcoin whereby they are getting a good return on their money.

Critics believe that media is creating mania and hype around Bitcoin. They are of the opinion that investing in Bitcoin is not an intelligent move.

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