According to analysts from a Japanese finance giant Nomura, Bitcoin is apparently contributing as much as 0.3% extra in GDP to Japan. In a client note that was officially translated by Business Insider, there are positive effects on consumer spending resulting from the large numbers of Japanese people holding Bitcoin.
The country has taken a pole position in Bitcoin-to-fiat trading in 2017 and has nurtured a lot of regulatory frameworks in order to expand the Bitcoin implementation in its economy. The price of Bitcoin, on the other hand, accelerated a lot in 2017 which gave extra value to the implementation and apparently accounted for 0.3% in Japan’s national gross domestic product (GDP).
This ‘measurable effect’, according to experts, can hardly be ignored. Similar to many countries which have their reserves in gold, Japan is taking a modern approach and embracing Bitcoin as part of its system.
According to Dennis Gartman and gold mining CEO Sean Boyd, investors will probably seek out a return to gold after they see Bitcoin falling and its volatility proves too much for them. In addition, Gartman is predicting a crash to below $5,000 for Bitcoin, however he cannot specify when is this going to occur.
In parallel with this, banks in Poland and Denmark started to produce strong warnings to consumers not to invest in cryptocurrencies in 2018.
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