While not all Asian markets have welcomed Bitcoin with open arms – see South Korea’s recent cryptocurrency crackdown – they still account for the large percentage of the cryptocurrency market. What has helped Bitcoin become a true mainstay in the Far East is its uptake in Japan, with the government’s flexible approach allowing for a much higher level of adoption. Japan has effectively opened the door to the cryptocurrencies of the world, to point where interest amongst citizens is skyrocketing, even going as far to create so-called Bitcoin celebrities.
Say Hello to Miss Bitcoin
Representing one many Bitcoin-related public figures in Japan, the self-proclaimed Miss Bitcoin hasn’t failed to grab attention through her social media outreach. Real name Mai Fujimoto, she spearheads a gung-ho attitude towards Bitcoin, with her actions generating plenty of conversation amongst the general public.
Miss Bitcoin often tells stories of how she uses the entirety of her disposable income to buy Bitcoin, “I convert all my disposable income into cryptocurrency. I’ve been doing this for nearly a year now. I convert all my savings into cryptocurrency instead of putting them in a bank.” Her website profile reads, “I’m a fan of Bitcoin, entrepreneurship, and technology. I’m also interested in blockchain of course”, so it’s safe to say that she’s happily made Bitcoin her business.
Bearing the Bitcoin Flag
When you look at other countries in the Far East, including both South Korea and China, it’s a much more negative story. Pushing against regulators, while interest amongst citizens is high, no real headway seems to be made as such nations stand behind an anti-Bitcoin stance.
China has outright banned ICOs and cryptocurrency exchanges, which sent shockwaves throughout the world; as such a hard-faced approach was unprecedented. South Korea has also started to move in a similar direction, with its own slightly more lacks ban on cryptocurrency. This is in spite of persistent public interest in exploring the potential of digital currencies.
Thankfully, Japan is still the flag bearer for Bitcoin in Asia, as it has continued to explore full-on integration. Back in April, the Japanese Government announced that Bitcoin would become legal tender, a move that was applauded countrywide. Japan was also able to benefit from the Chinese Bitcoin ban fallout, as many investors and firms were quick to move across the Sea of Japan to re-establish investments on Japanese shores.
Japan is rightly being labelled as a Bitcoin pioneer with regards to adoption, as over the past six months there has been a rush in businesses moving towards the integration of Bitcoin payment systems.
It’s even reached a point where some salaries are being fully paid or partly paid in Bitcoin. Speaking on the impressive progress that Japan has made, leading crypto-business commentator Koji Higashi said, “The involvement of big companies, the sense of security derived from government approval and media exposure really brought in a whole new group of people to the market.”
A Truly Viable Alternative
Bitcoin has also emerged as a fantastic investment alternative to the Japanese public, as it far outstrips the interest rates delivered from the nation’s deflation-weary central bank. Bitcoin has opened the door to another investment avenue, one that – due to its extreme volatility – has the power to generate potent cash returns.
Going far beyond being just hype and conjecture, Japan is showing the world that Bitcoin integration isn’t just achievable, but that it’s also highly beneficial!