Having overtaken the US, Japan has become the world’s second Bitcoin market, after China. Will the Empire of the Sun move ahead of all to completely embrace digital assets? Japan has recently overtaken the United States to become the world’s second largest Bitcoin market. This development may come as a surprise to many considering the decline that the Japanese economy has had over the last two decades.
But will the Empire of the Sun move ahead of all to completely embrace digital assets? A Galapagos environment
Japan is an unusual case even among developed nations. The insular nature of the country means that many Japanese think in the terms of Japan AND the world instead of Japan IN the world.
Historically Japan has always been delinked from most of the world by its own choice. It was only in the closing period of the Edo times, known as Bakumatsu, between 1853 and 1867 that Japan finally ended its isolationist foreign policy known as Sakoku.
During the period of Sakoku no foreigner could enter Japan nor a Japanese leave the country as the penalty for doing so was death. This historic isolation has had an impact on modern Japan. What makes Japan different
Japan is also a special case when it comes to Bitcoin. The growth of Bitcoin in Japan is more or less driven by the unique factors which affect the local economy. These factors are a result of a deflationary trend which has now persisted for decades.
A change in demography has resulted in a rapidly ageing population. Measures taken by the Bank of Japan as well as the Japanese government have led to years of zero and now sub zero interest rates.
Cointelegraph talked with Kagayaki Kawabata (Kaga), Business Development Lead at Coincheck.jp about what makes Japan different from other Bitcoin markets. […]
