Why do Koreans and Japanese, love cryptocurrencies?
Japan has become one of the leading countries in the cryptocurrency industry. The local government has shown consistent support towards cryptocurrencies, especially Bitcoin, allowing the digital currency to be accessible and useful nationwide. Despite Japanese conservatism, Yuzo Kano, the CEO of Bitflyer, explains why Japanese go all in on Bitcoin, or cryptocurrencies in general.
Bitflyer, the world’s largest bitcoin exchange by volume, has recorded more than 800,000 users on their platform which shows how big and confident Japanese are in investing in digital currencies, especially Bitcoin.
Japanese, Korean, and Chinese were known as conservative investors. It’s in their culture. They do not easily allocate their investment into some new type of investments, but Bitcoin is an exemption. It’s interesting that a conservative country like Japan has evolved into the world’s largest Bitcoin market. Around 61.23% investors of Bitcoin are Japanese. Indeed, Bitcoin has become the mainstream asset in Japan.
Kano revealed in his interview with New York Times the reason why Japanese are confident on Bitcoin. The legalization of cryptocurrencies, especially Bitcoin, in Japan has encouraged a lot of Japanese to go all in on Bitcoin. He stated:
“Japanese people tend to be very conservative with their investments, but once they get triggered, they go all in.”
The same scenario happened in South Korea where cryptocurrencies have also become a big thing. Tony Lyu, the founder and chief executive of Korbit— South Korea’s leading digital currency exchange, 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.”
Cryptocurrencies have already caught the hearts of all types of Korean and Japanese investors. With the support of multi-billion dollar investment firms and technology conglomerates, we can really say that there’s more to expect from cryptocurrencies in the future.