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Japan’s Covid-19 Stimulus Payments Didn’t Flow Into Crypto

Published 07/22/2020, 09:02 PM
Updated 07/22/2020, 10:40 PM
Japan’s Covid-19 Stimulus Payments Didn’t Flow Into Crypto

In April, the Japanese government began distributing 100,000 yen payments — about $930 — to every household. But did the Japanese follow some in the United States and spend that money in crypto exchanges? The data from the three major crypto exchanges in Japan suggests they probably did not.

In his latest report, Yuya Hasegawa, a market analyst at Bitbank exchange notes some “irregularities” in the month of June in terms of deposits but overall concludes that the coronavirus relief payments did not result in significant changes to the behavior of Japanese crypto investors.

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Latest comments

I have worked in finance for 35 years and recently delved into cryptos as a way to make money. After a couple of months of intense study, judgement and daring in my coin/token allocation I ended up with nothing to show for it. The space is far too crowded. Good ideas are stolen because the protocols are open source, so you think you've found a coin with a USP, but two weeks later someone has copied it, rebranded it and diluted the market. There are over 5000 coins/token being traded and 3/4 do basically the same thing. Crypto is a dead duck now. Anyone putting their savings into it is playing roulette on a wheel with 5000 losing numbers. Forget crapto. Buy precious metals.
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