The success of Bitcoin around the world is the cause of regular debate, and even Donald Trump has got involved with the conversation recently. However, while some may see the US, European countries or even Africa as the answer to Bitcoin’s success, it could turn out to be Japan leading the charge.
Japan’s economy, for the most part, has failed to climb to the levels seen in the 1980s, with growth elusive for decades. Due to this, the government is looking at ways they can boost the economy once again and seem to have turned to Bitcoin to solve the problem.
The economic malaise has been a significant concern for Japan, but at the recent Japan Blockchain Conference held in Tokyo, SBI Holdings chief executive of financial services Yoshitaka Kitao said he believed blockchain technology and Bitcoin would provide the fuel for the next economic boom in the country, and not before time.
Investment from the likes of SBI is available for blockchain technology and companies, and this will be beneficial due to the advantages which both Bitcoin and blockchain technology provide in life and business. The boom is tipped to occur over the next several years, and this will help to generate more awareness and interest, as well as further investment.
Shinzo Abe, the Prime Minister of Japan, has already highlighted several advantages provided by Bitcoin, with the first being international money transfers. By using Bitcoin, people in Japan will be able to send funds or make payments for goods and services to anywhere in the world whenever they like. Not only will this prove to be more convenient than the current system in place, but it will also more cost-effective too. Furthermore, Shnizo Abe has shown his intentions by the appointment of a Minister of Science, Tech & IT who supports blockchain.
As Bitcoin isn’t going away any time soon and is more likely to grow than it is to diminish, this has forced Abe’s hand somewhat. Therefore, the plan is for Japan to prepare for what’s to come over the next five years, so when Bitcoin’s future is known, and potential realised, the country and its residents will be ready. This will allow reputable companies who already have a global presence, such as Luno, to offer their Bitcoin wallet to anyone in the country.
There’s also the long-term aim for companies such as Amazon, Apple and Google to begin accepting cryptocurrencies such as Bitcoin soon, and this again will help to drive the success of the number one crypto on the market. These companies will inevitably make these changed due to the demand and growing popularity of Bitcoin and other cryptos, and the same can be said about Japan too. So, rather than kicking back against the inevitable, they’re choosing to embrace what’s to come.
The move will undoubtedly prove to be mutually beneficial, with Bitcoin likely to blow up even more as a result of Japan’s involvement. Cryptocurrencies and blockchain are already prevalent in Asia, and this could be the boost Bitcoin needs to climb to the next level and to begin its rise to being a global product.
