Yusuke from Coin Club Japan & Cointelegraph Japan joined the Cryptonites podcast tonight for a talk on everything Bitcoin, markets and crypto in Japan. He caught up with Cryptonites host Alex Fazel for an evening involving both trending and insightful topics.
He is bilingual which is a ton of knowledge that is very rare, so you are going to enjoy understanding the mindset of Japanese investors and much more in a very isolated country.
Here is some interesting information from the podcast.
Why does Japan love crypto?
“From my observation, they’re definitely the ones who really like to gamble, you know, coming to DeFi or crypto in general. But also, I think, as a country as a whole, the Japanese have less and less confidence in their future security. So it’s an interesting phenomenon going on. So back then, as in the past two decades, there is an unspoken promise between employer and employee that is a job for life.
“So the employers basically said, Hey, we’re going to hire you until you retire, you know, and we’re going to protect you, we’re going to keep you safe, so that was an unspoken expectation. But that has changed.
How widespread is crypto in Japan?
“I think it’s pretty limited. And I don’t know if I don’t know how many people really think that way. I think back then people maybe thought of Bitcoin as legal tender or whatever, you know, maybe, or maybe in a similar way, but right now I think people simply see Bitcoin as a cryptocurrency and a store of wealth.
“I don’t live in Japan so I don’t know the exact number exactly, but one when I hear that a lot of people like XRP, Ethereum, IOST, and Cardano. An interesting thing is that in Japan there aren’t a lot of coins on the exchange, even if you go to a big exchange like Coincheck there aren’t a lot of coins available.
“And the number of pieces hasn’t increased for a long time. So people have limited access to these very few parts. But I think Ripple and Ethereum: these two are very popular.
Differences between West and East
“I know some people have been very successful, but I know some people are unhappy now. And I think these like a meme culture, like properly assessing the associated risk. I think that’s the really important thing, and I think it’s something that Japanese culture, you know, really brings to the west.
“But also, on the other hand, in western countries, I guess people are more open to maybe putting it, putting money into something that’s risky, maybe high risk and high efficiency. And I think you have to also, you know, soak up that Japanese culture, because it’s so extreme.
A d: Margin up to 20x on FTX.
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