Most Japanese are Long on Crypto. XRP Sparks The Most Bullish Sentiment
courtesy: Tokyo Night Owl
A study conducted by Japan’s GMO Internet Group revealed that most Japanese are bullish about cryptocurrency.
GMO surveyed over 11,000 participants during the month of February, with the intention of interpreting Japanese market sentiment. The results were quite interesting: more than 70% of the surveyed consider that cryptocurrencies are a long-term investment; however, most of them think that speculation is the main appeal of digital assets.
The Japanese exposed to the crypto markets after the boom of 2017 where virtually all tokens experienced a nearly parabolic surge in prices. According to the interview, 90% of the surveyed entered the market at the end of 2017.
The research also indicates that crypto investors are relatively young. Roughly 90% of the total number of crypto users are between the ages of 20 and 40.
The Japanese are likewise optimistic about the long-term performance of cryptocurrencies in general. The research shows that almost 95% of the surveyed have an investment of close to one million Yen (approximately 8961USD) in crypto. Nearly 77% are around 100,000 or less.
Most Japanese Hodlers Are Bullish on XRP
As per information provided by The Daily Hold, “According to the survey, roughly 50% of respondents named XRP as the cryptocurrency most likely to rise in price in 2019.”
Ripple has strived to break into the Asian market. As reported by Ethereum World News, the San Francisco-based company has consistently shown an interest in Asia, specifically in the Chinese market.
However, it is important to mention that there are already financial services provided by SBI that have helped promote the token’s acceptance. At the end of 2018, SBI’s VCTRADE started service deposits in BTC, XRP, and ETH, and a little less than a month later SBI Holdings signed a strategic alliance with R3 to create a joint venture.
It is relevant to know that R3 developed a platform known as Corda, which uses XRP to facilitate global payments; and a few weeks ago, SWIFT announced an integration with R3 to enhance its own platform, although they emphasized they are not partnering with Ripple but instead they are considered direct competitors (for now)