Kazuki Miyamoto and Yoshiyuki Suimon, the renowned Nomura analysts predict the effect of Bitcoin on Japan’s GDP growth. The soaring price of Bitcoin can boost up the consumer expenditures in Japan and take it to the 96 billion mark with regard to Yen. This is close to 855.4 million US dollars. Bitcoin’s increased value by the end of 2017 seems to be a great motivator in promoting GDP growth in the first half of 2018.
Japan has been going gaga over Bitcoin in the last couple of years. Indeed, Bitcoin has fostered the economic growth of the country and even the leading research analysts of Nomura Instinet claim so. If sources at CryptoCompare are to be believed, then Bitcoin trade in Yen (the Japanese currency) has accounted for almost half of the total trade volume or even more in virtual currency. Dollar to Bitcoin trade has voluminously gone up and was suggestively the second highest share before taking up the first place in the last couple of weeks.
Let us assume that Japan’s citizens hold almost 3.7 million BTC. Approximating a price gain of about 866,000 Yen (7,716 US dollars) in between the 2nd and 4th quarters of 2018, a total estimate of the unrealized profits with respect to Bitcoin held by the Japanese is close to 3.2 trillion Yen (28.5 billion US dollars).
Despite the fact that the unrealized gains of Japan’s investors are improbable to consumption, it’s a known fact that individual consumption is encouraged owing to increases in the asset value.
Virtual currency trade is a huge influx in Japan and bitFlyer, the Tokyo-based platform further expanded its commercial business to the United States last year.
In the end, the Nomura analysts brought to notice Haruhiko Kuroda’s (the Governor of the Bank of Japan) words which revolve around the increased value of Bitcoin as a result of positive conjectures.