Next Crypto Bull Run: Japan Contributes to the Growing Massive Cryptocurrency Economy

Bitcoin (BTC) and its underlying technology – blockchain – are becoming very popular day by day. The biggest Bitcoin bull run took place in December 2017. With the developments in the industry, many are expecting another Bitcoin bull run and crypto bull run in the short-term. While Bitcoin and cryptos have gone global, it is still yet to be adopted in several nations across the globe. The good news is that many countries are now seeing the benefits of this technology. As a result, more nations are beginning to adopt digital currency. This might trigger the next crypto bull run and Bitcoin bull run, as well as Tim Draper Bitcoin price prediction 2019.

Kazuhiro Tokita Hint Next Crypto Bull Run

According to Cointelegraph, the president of DeCurre, Kazuhiro Tokita hinted that cryptocurrency mass adoption is by the corner. The president disclosed a system that will let Suica cardholders top up their balance with digital currencies. Suica card is used on East Japan Railway Company’s (JR East) metro and shinkansen systems.

However, the firm said that this idea is presently a proof of concept/prototype and they are considering the implementation. But with the millions of people using the services of JR East in Japan to get to their nation, city, and prefecture, a lot of Bitcoin bulls are rooting for this move. DeCurret has scheduled the 16th of April for the launch of its digital currency trading platform.

DeCurret is one of the few trading platforms that met the standards and requirements of local authorities. The fiat enabled trading platform will support Bitcoin (BTC), XRP (XRP), Bitcoin Cash (BCH), and Litecoin (LTC) when it launches. According to the report, the trading platform will add Ethereum (ETH) by early summer.

Japan Cryptocurrency Economy

Japan is one of the top nations in the world that supports and contributes to the booming digital currency economy. The recent trends in the nation might contribute to the next crypto bull run and Bitcoin bull run. Since the emergence of Bitcoin (BTC), it has been a trending topic in Japan. During the massive Bitcoin bull run and crypto bull run in late-2017, Mizuho was considering launching J-Coin before the 2020 Olympics in Tokyo. CNBC reported the plans of the Japanese financial institution. Although, there were no much details about that report. That led to speculations that the foray of Mizuho was only a rumor.

Why Crypto is Big in Japan?

According to the ethereumworldnews; the question everybody asks is why is Japan so famous for their inclination towards cryptocurrencies? Why is crypto accepted as Money—and not legal tender—yet others as China consider these digital currencies as disruptive and conduits of money laundering? There are three explanations behind Japanese inclination towards crypto. Apart from favorable regulations, Bitcoin and crypto are popular because:

Japanese are cash-centric and Credit Card use never really took off

Findings indicate that it is pretty hard to conduct business in Japan without cash. You have to carry some Yen if you want to transact. Even though the move towards cryptocurrencies is a natural progression away from cash, another logical and fitting answer is the country’s economy. The Japanese economy is yet to recover from the real estate market collapse of 1989-90. The Plaza Accord put in force by the Reagan Government further exacerbated the situation. In one swipe, their once flourishing real estate market took a hit and their exports shrunk because of the expensive Yen. As a result of economic downturns and government printing money to catalyze an economy struggling in a deflation, citizens are into cryptocurrencies preferring it over bank issued, traceable credit cards.

Will crypto Every Recover?

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,362.83
-1.46%

At the time of writing, Bitcoin (BTC) is trading at $4,182 after an increase of about one percent over the past twenty-four hours. The current market cap of the digital currency is $72.80 billion. The trading volume of the digital currency over the past twenty-four hours is $10.41 billion.

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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.

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