Is Japan Ready to Exchange Cash for CryptoAnnabella Cornelly
Even though Japan is a tiny territory in comparison to its neighboring Asian countries like China or India, its residents do have enough cash. Most crypto market analysts keep asking the same question: are those people ready to exchange their cash for crypto?
According to the official representatives of The Bank of Japan, the authorities admit that the supply of money stock in circulation rose six percent last month. This became possible after the population received economic relief payments that they required after the pandemic.
Investors would be another factor – their number has also increased and nowadays the Japanese crypto market can boast greater crypto holdings. All those individuals decided to dive into this industry during the early stages of the coronavirus – that was the period when the government hadn’t yet issued economic relief payments.
This week’sreport announces that the Bank of Japan revealed the supply of M3 across the country has increased by almost six percent last month and reached thirteen billion USD. The figures include various money stocks in circulation. Residents of Japan have access to the number of liquid assets that are available to the nation.
It has also become greater thanks to the government’s decision to issue one hundred thousand yen, which is approximately nine hundred and thirty-six USD. The money is used as a stimulus payment to people who need financial aid and support. Also, the authorities issued three hundred thousand yen to various households whereas other payments went to companies that suffered from the economic crisis after the virus outbreak.
One of the leading news agencies reports that all of the mentioned payments have increased the cash flow in the country. Market specialists are trying to predict how all this may influence the economy of Japan and whether it is a positive or negative phenomenon.
Crypto Increases Due to Stimulus Payments
Experts admit that the number of purchases for one thousand two hundred USD performed in April on Coinbase was four times as frequent as in March. These numbers suggest that U.S. residents used the checks issued by the government as an investment instrument – they purchased crypto.
At the same time, four months ago, investors in Japan decided that it would be wise to increase their holding of the top-ranked cryptocurrencies. For instance, many invested in BTC and the number of such individuals increased by eleven percent. The number of people interested in ETH has increased by almost six percent. Finally, investors willing to purchase XRP increased in number by over six percent.
Participants remember that the issuance of nine hundred and thirty-six USD stimulus checks in Japan started three months ago. It may mean that Japanese citizens were investing much more intensively in crypto. According to many professionals’ opinion, this trend started right after ‘Black Thursday’. The country employed many other measures and tried to do all possible to prevent the spread of the disease. One of the measures that the authorities applied was that they closed the majority of schools.
More advanced participants claim that the number of people prepared to invest in crypto and exchange their cash for digital assets is increasing. Step by step, the nation is getting used to the crypto industry and opening up its new opportunities. All the advantages that the crypto community offers far outweigh those provided by the traditional market.
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