Is there a big market for crypto spending in Japan?

It is also known as being a country that is always on the cutting edge of innovations in tech.

When it comes to the latest technologies in modern Japan, cryptocurrencies are hard to miss. This is not just true for Japan – cryptocurrencies are hugely popular in many other countries and a viable asset for investors to target. A look at any cryptocurrency list, for example, shows not only how many coins there are to put money into but how well many of them perform.

How does the crypto market in Japan look?

Before we go on to look at the size of the market in the country for spending digital cash, it pays to get a handle on what the crypto investment market in Japan looks like.

The simple facts are that it is one of the top countries for investing in crypto. It is estimated, for example, that the current market in Japan is worth around $1tn! In addition, the number of crypto asset accounts in Japan rose from 3.21 million in 2019 to 5.48 million in 2021. It is also reported by the Virtual and Crypto Assets Exchange Association that 417 million yen worth of Bitcoin trades were made in February 2022 alone.

Figures like this clearly show that this is a country with a love for investing in digital currencies and a real interest in making them part of daily life. But why do people in Japan love this type of asset?

Why is crypto investing big in Japan?

To begin with, it is fun and something that many investors find interesting. Tracking the price of Luna, for example, allows you to flex your intellectual brainpower and get a real buzz when you see prices move up.

Japanese people also love their tech and this makes crypto perfect for them. Of course, many people within Japan like to get involved with cryptocurrencies in normal life and use theirs to pay for things. But what can you spend digital money on in the country?

Gaming

There is no doubt that cryptocurrencies are starting to make real inroads into the gaming sector overall and Japan is certainly seeing this. Although some video games are starting to use crypto-backed NFT’s now, it is online gaming that is leading the way.

Axie Infinity is a great example of this and sees players use a coin called Smooth Love Potion in-game to create, buy and sell characters. The growing popularity of Axie Infinity has had a positive effect on the SLP price overall and leaves many thinking it may move higher as the game gains more fans.

When you also look at other popular online games in Japan that allow players to use cryptocurrencies in them (such as Crypto Kitties), it is easy to see how this is a top market for crypto spending in the country.

Home and electrical goods

This is another niche within Japanese society where crypto spending is big. Bic Camera is a good example and a well-known home electric store in the country that allows people to pay with digital cash. This store has been accepting cryptocurrency payments since 2017 and is a real leading light in terms of crypto payments in Japan.

Going out / eating out

Cities like Tokyo are famous for their nightlife and this is also true for many other places in the country. The great news for spending digital cash here is that more and more bars and cafes are beginning to accept payment in cryptocurrencies.

Hackers Bar in Tokyo, for example, allows you to pay for drinks in top coins such as Bitcoin. Mezzo is another nightlife choice in Tokyo that allows customers to pay for drinks with the top crypto coins. Although these are just two examples from Tokyo, it is certain that there will be other bars in major Japanese locations that also accept digital cash as payment.

Everyone who lives in the country knows that food in Japan is big – and this is another area in which spending digital cash is being quickly adopted. More and more restaurants now allow you to dine and pay with digital cash and this makes it obvious just how fast the country is moving in this direction.

Crypto spending is growing in Japan

As the above shows, crypto spending is something that is becoming more common in Japan. When you add in the hair salons that take crypto payments, and the Rakuten crypto wallet for everyday payments, the future for spending cryptocurrencies in the country looks big.