2017 has been a rhetoric year for the digital currencies such as Bitcoin with its market cap toppling over even the biggest of conglomerates. Japan has understood it very well that it needs to trap in the massive potential of cryptos for moving in sync with the economic prosperity. As a result, Japan legalised Bitcoin as a legal tender of money on April 1, 2017 and since then, the Bitcoin adoption in Japan is increasing significantly.
The last fiscal will surely go down in the history of cryptocurrencies with massive changes taking shape which caused the price of Bitcoin to reach stratospheric heights. Both traders and investors managed to bag immense profit courtesy the spectacular bull run of the digital currencies. Initial Coin Offerings also successfully pooled in fund from investors raising more than $3.7 billion through its cryptocurrency and blockchain related projects. These start-ups have a great story to tell which is evident from their massive profit earned and significant employment generated.
An article published in the Fortune magazine has revealed that the number of blockchain and bitcoin related job listings increased by 5753%. Experts are optimistic about the bull run continuing in days to come. For luring in more Bitcoin companies, the government is implementing more laws and regulations. Belarus stands as the most recent example which has already implemented regulations for imparting a tax-exempt status to cryptocurrencies which has already received an official recognition for the coming five years.
Also Read: Bitcoin Related Jobs Grows 82 Percent in the 2017’s third quarter
Blockchain and bitcoin related countries are choosing Japan as their base of operation. The biggest reason behind the same is the fact that Japanese government favours the free flow of cryptocurrencies and has also set up legislations which is in harmony with the operation of the digital tokens. Bitcoin was given the legal recognition of a payment method by the Japanese government in the month of April’ 2017.This caused the price to hike up with more and more investors from Japan parking their corpus in this dynamic crypto form.
Nomura analysts hold the belief that the Japanese economy might get boosted as the return yielded by bitcoin investment showers in great figures and gives them a solid cause for celebration. Yoshiyuki Suimon, the leader of the analyst team was quoted as saying that:
“Rises in asset values often result in a rise in consumer spending, too, known as the wealth effect. We estimate the wealth effect from unrealized gains on bitcoin trading by Japanese investors since the start of fiscal year 2017, and estimate a potential boost to consumer spending of 23.2-96.0 billion yen.”
He also added that, “Moreover, the fact that the rise in bitcoin prices was concentrated in 2017 fourth quarter could result in the wealth effect materialising in 2018 first quarter, and if that is the case, we estimate a potential boost to real GDP growth on an annualised quarter over quarter basis of up to about 0.3 percentage points.”
The impact of Bitcoin on Japanese economy is farfetched. Measurable and real economic growth is being triggered by the resulting wealth effect of the meteoric rise in value of cryptocurrencies which is also adding a positive inertia to the growth in job market. This financial trend is expected to continue its unbridled growth curve in the country of Japan with greater number of crypto exchanges and operations moving towards the land of rising sun.
Also read: Japan Issues License to Eleven Bitcoin Exchanges
Japan’s move of legalising Bitcoin as a legal tender of money was surely a superb decision as it not only benefitted itself but also boosted the confidence of other countries regulator. Legalising cryptocurrencies such as Bitcoin and adopting Blockchain Technology opens up a huge pool of business opportunities as well as creating more job opportunities in the sector. Bitcoin’s major growth in 2017 must be credited to the support provided by Japan. 2018 may be the year when rest of the countries follows Japan.
Also Read: Japan Walks The Pro-Bitcoin Road for Others To Follow
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology , Cryptocurrencies and upcoming ICO’s.
Subscribe to our newsletters and join our Telegram Channel to stay updated.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
