The Cointelegraph announced Japan has become the second-largest Bitcoin market in the world.
Why is Bitcoin market in Japan is growing so fast?
Cointelegraph has featured our comments on the reason why Japan Bitcoin market is exploding.
“Compared to other countries around the world there is no large gap between rich and poor in Japan where 96% of adults have a bank account. It seems that a wide-range of the population are interested in investment. For example, at Coincheck, there are 60 year-old traders who buy and sell Bitcoin at our exchange. Also, Japan is one of the biggest Forex markets. We assume that some of the population of Forex traders are also investing in Bitcoin. Furthermore, the Bank of Japan recently adopted a negative interest rate policy. Due to this policy, keeping money in the bank might diminish one’s assets. Because of such a change in the environment, we think people in Japan are finding a better place to invest their money and Bitcoin is one which has potential.”
How did Bitcoin market in Japan explode after the Mt. Gox nightmare? Four major Bitcoin exchanges in Japan BitFlyer, Coincheck, Zaif, and BtcBox contributed to the growth of Bitcoin market. Under a harsh market environment where the general population in Japan believed Bitcoin is a fraudulent currency, these exchanges continued their business. Today, the Japan become the one of the largest Bitcoin market in the world.
As a member of Blockchain Association, Coincheck and other exchanges will continue to work actively to help create the Bitcoin and cryptocurrency friendly environment.