CEO of BitFlyer, the largest cryptocurrency exchange in Japan has more than 800,000 active users, Yuzo Kano explains why investors, once skeptical of Bitcoin, are now rapidly investing in it.
Investors in Japan, South Korea, and China have a conservative stance towards investing in new forms of investments. They are quite known to be skeptical when putting their capital in new types of assets. This has changed over past three years as Bitcoin and cryptocurrencies have become more mainstream and gained popularity. As a result, Japan has become the largest Bitcoin Exchange Market, leaving even the US behind.
As of right now, Japanese Bitcoin exchange market accounts for 61.23 percent of global Bitcoin trades. This is over double the trading volume in the US market.
Gaining Confidence of Investors
Kano explained in an interview with New York Times how the landscape for Bitcoin is changing Japan. After getting legal status as a digital currency and after the cryptocurrency exchanges received authorization by the Financial Services Agency (FSA), investors began to “go all-in” on Bitcoin and other cryptocurrency assets.
Kano Said in a statement:
“Japanese people tend to be very conservative with their investments, but once they get triggered they go all in.”
South Korea is also witnessing a similar trend with the popularity of digital currencies. Founder of South Korean Cryptocurrency Exchange Korbit, Tony Lyu said:
“Word just spreads really fast in Korea. Once people are invested, they want everyone else to join the party. There’s been this huge, almost a community movement around this.”
Nexon, $10 Billion gaming company recently acquired Korbit for $140 Million valuation.
Evidently, Bitcoin is very popular in Japanese and South Korean markets right now and is growing rapidly. Owing to this fact, prominent analyst and investor Tuur Demeester remarked that mid-term price of Bitcoin depends highly on the performance of the mentioned markets.
There is no denying the fact that Bitcoin is indeed gaining momentum. Investors and traders of all sorts have started to engage in Bitcoin already. With Multi-billion corporations backing companies like BitFlyer and Korbit, we are moving towards an era where Bitcoin will become robust enough to support large-scale investments as well as meet the demands of retail traders.