Not all of the countries in the East have been as receptive to the burgeoning Bitcoin market. However, the situation has been totally different in Japan due to the higher rate of bitcoin adoption and the soft approach from its government. This has led to higher interest from the Japanese, as a self-proclaimed Miss Bitcoin emerges.
Mai Fujimoto, also known as Miss Bitcoin, on her social media platforms, figureheads an attitude that seems to be crowing in the Land of the Rising Sun. She boasts how all of her disposable income is deposited straight into Bitcoin.
According to the 32-year-old Miss 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.”
But why the hype in Japan?
Presently in place like China and Korea, citizens are battling against their regulators. Though there is a huge interest in Bitcoin investment from the citizens of these two nations, but their regulators have put their foot down.
China’s ban on Initial Coin Offerings, and then on cryptocurrency exchanges has set a huge precedent in terms of the hard-nosed approach to digital currencies.
Also, Korea has started taking steps towards its own style of the ban on cryptocurrencies, however, despite that, there is still massive interest from citizen.
Japan also set its own standard in the understanding of Bitcoin as it announced back in April that Bitcoin was accepted as legal tender, instantly showing a positive approach from the federal government. Japan also benefited greatly from China’s ban as many companies and investors crossed into Japan to set up their business.
Among the eastern countries, Japan was also the first to lead the way in terms of Bitcoin adoption as about 6 months ago there was a boom in businesses trying to integrate Bitcoin payment systems. Even salaries in Japan are starting to be paid partly in Bitcoin. Koji Higashi, a famous commentator on the crypto-business in Japan 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.”
The bitcoin also came as a good alternative for the Japanese, it came at a right time for the investment-savvy Japanese as ultra-low interest rates from the deflation-battling central bank has left investors racking their heads for places to find good returns on their cash.
Though some critics are suggesting that the bitcoin is more like a hype and mania than savvy investing.
“Everyone else is doing it now and I heard they are making a lot of money. I have to get on it now. That’s a very Japanese way of thinking. To be honest, I am not sure if people are buying into Bitcoin based on rational decision-making. It feels more of a short-term irrational mania to me.”
This is a happy development for cryptocurrencies, especially bitcoin, as Japan joins the like of Illinois to embrace bitcoin adoption.