Some analysts from the Japanese finance giant Nomura have evaluated that bitcoin contributes as much as 0.3% to Japan’s GDP.
In a newsletter-like note to clients translated by Business Insider, Kazuki Miyamoto and Yoshiyuki Suimon extolled the impressive effect on consumer spending due to the fact that a lot more Japanese are beginning to hold Bitcoin which has been experiencing significant rise in value.
The Bitcoin market in Japan witnessed a substantial break out in 2017 and had the country leading the pack when it comes to bitcoin-fiat trading. The same year also saw Japan adopt some form of regulation setting a tone for a possible integration of the bitcoin economy into mainstream Japanese economy.
Normura notes that subsequent to the country firming up its legal stance, Bitcoin witnessed an accelerated price value to an extent that by just people holding onto their coins, the measurable effect on Japanese GDP could be palapable. “The scale of this increase in assets can hardly be ignored” it says.