Nomura Securities Analyst: Bitcoin Contributes 0.3% to Japan's GDP Growth

Rage Review : In the past 2017, Japan has taken a series of positive measures towards Bitcoin, not only recognizing its legal status, but also gradually deploying relevant regulatory frameworks. This situation has made Japan one of the most important participants in the global Bitcoin trading market, and Nomura Securities recently pointed out through analysis that holding Bitcoin has helped Japan's GDP grow by 0.3%, which has a certain positive impact on the development of Japan's economy.

Translation: Ina

Two analysts from Japanese financial giant Nomura Securities found that Bitcoin contributed 0.3% to Japan’s GDP growth.

According to Business Insider, analysts Yoshiyuki Minato and Kazuki Miyamoto praised the positive impact that more Japanese people holding Bitcoin has on consumer spending.

The optimism comes as Japan has made a breakthrough in bitcoin this year, with the country now leading the bitcoin-to-fiat exchange market and deploying a regulatory framework to further incorporate bitcoin into its economy.

In addition to its gradually solidified legal status, Bitcoin prices have also seen a sharp rise, so Nomura Securities believes that holding Bitcoin can have a "measurable impact" on Japan's GDP.

They commented on Bitcoin’s growth:

“The massive growth of this asset class is hard to ignore.”

The sentiment stands in stark contrast to the “doomsday” tone that has dominated U.S. mainstream media coverage of bitcoin this week. Independent investor Dennis Gartman and Sean Boyd, CEO of gold mining company Agnico-Eagle Mines, both recently told CNBC that once bitcoin’s inherent volatility becomes too much, investors will seek to return to gold.

Additionally, Gartman predicts that the price of BTC will drop significantly below $5,000, but he cannot say for sure when this will happen.

Separately, the central banks of Poland and Denmark have also recently issued stern warnings to consumers not to invest in cryptocurrencies.