The report presents the monthly holdings data on Japanese crypto exchanges since December 2018. The number of reported users vs. active users has a discrepancy of about 1.1 million. He tweeted,
update: apparently theres 3.1m accounts but only 1.96m of them are ‘active accounts’ = i.e. active in the last 30d or have a balance
Hence, one can estimate from the survey that there are roughly about 2 million Japanese users on crypto exchanges (only about 1.5% of the total population).
It includes only six cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, XRP, and Mona.
The Japanese Exchanges hold around $1.2 billion worth assets in Bitcoin [BTC]. BTC accounts for about 55% of the entire holdings.
About one more billion dollars are held in altcoins. XRP lead the investment with about 68% dominance among altcoins and 30% in total. Nic Carter, tweets,
“Japanese traders love them some XRP” But he also added, “Finna (gonna) learn Japanese so I can dunk on the Japanese XRP army”
The monthly data of cryptocurrencies also reveal that the Japanese traders were sellers until July from the beginning of the year. The amount of Bitcoin and BCH holdings decreased during Q1 and Q2. Nevertheless, it picked up its pace in July.
A considerable increase in Litecoin trading is witnessed during the Litecoin halving. Moreover, Ethereum, XRP, and Mona have been a continuous rise.
The preliminary report suggests and there is a long way to go for Japan until mass crypto adoption.
However, interestingly enough the defamed Japanese Exchange Mt. Gox lost about 650,000, from 850,000 Bitcoins after it’s hack in 2014. It was the largest crypto exchange of the time. It was a huge wake-up call for adopting personal custody in the country and elsewhere. The OTC (Over-the-Counter) market data is not included in the report as well. Hence, the actual number of users might be greater than the 1.5% of the population estimated on the cryptocurrency exchanges.
Nevertheless, it still considerably low for mass adoption.
Do you think that this will eliminate the Japanese rhetoric of mass cryptocurrency adoption? Please share your views with us.