The Japanese cryptocurrency market is beginning to show some interesting results after young workers in the country were surveyed.
R25 is a Japanese research institute that organized the survey about the possession of digital money among young workers in the country. The company surveyed 4,374 Japanese office workers between 25 and 30 years old. According to the survey, 14% of the participants in the survey said they were using cryptocurrencies and actively investing on the cryptocurrency market, while 90% of the workers had accounts on cryptocurrency platforms.
The main reason because these young workers are participating on the cryptocurrency market is because they see these financial tools as a new investment method which could provide generous earnings.
In this sense, among the 14% of the surveyed young workers, 27.7% they were beginners when it comes to the cryptocurrencies and without much experience related to investing. The rest of the young workers involved in the cryptocurrency ecosystem is already active for some time now and have some experience.
The survey also showed big differences when it comes to the amount of money invested. Something over 34% of the young workers invested less than 50,000 yens in cryptocurrencies, which is a sum equal to 400 US dollars, while 10.2% of the young workers invested more than one million Japanese yens on the cryptocurrency market, which is equal to around nine thousand US dollars.
The survey also showed the majority of the investments took place between October and December last year, which was the time when the price of Bitcoin and other cryptocurrencies was the highest. Around 24% of the participants in the survey decided to buy cryptocurrencies during the aforementioned period, while only 15% decided to invest in the middle of the collapse of the cryptocurrency market.
These percentages show the surprising level of adoption of the cryptocurrencies in Japan since the government decided to legalize bitcoin as a method of payment and motivate the adoption of the blockchain technology in the country. This made the cryptocurrencies a popular way of investment among the Japanese citizens.
Joseph Young, a financial and cryptocurrency analyst commented the survey on his Twitter account saying the percentage of young workers operating on the cryptocurrency market in Japan is high and unexpected during the first phases of the adoption of the cryptocurrencies in the country: “A study found that 14% of employees in Japan aged 20~25 years already invested in or hold cryptocurrencies like bitcoin and Ethereum. This is a surprisingly high adoption rate, I expected less than 10%, even in a leading cryptocurrency market like Japan.”
Japan continues to advance when it comes to financial innovations related to the blockchain technology. This national initiative is led by regulatory entities, banks, research labs and all types of investors.