Japan Archives - Coinmotion: Invest in Crypto Securely

Bitcoin’s price has continued its steep rise and it seems quite likely we will soon see new records. The number one cryptocurrency has multiplied its value by hundreds of percent this year and there are strong signs further growth may lie ahead. It is therefore no wonder that the wealthiest investors are also increasingly interested in Bitcoin. These guys can usually handle money and also know how to make more of it. Those who aspire to earn millions might learn a thing or two from the examples of those who have already made it. This week will check out news related to big money and crypto investments. A majority of millionaires now either own bitcoins or at least want to invest in the asset. One of the world’s richest persons also reportedly holds a tenth of his portfolio in BTC. Additionally a Game of Thrones star has entered the world of crypto. In other news we have growing miner profits and Japan’s digital yen experiment. With central banks around the world racing for digital currencies, the project is set to bring the country to the 21st century of financial technology. Last week's news can be read here. Bitcoin's price is once again approaching record highs. Most millionaires interested in BTC According to a fresh survey, the number of millionaires interested in cryptocurrencies is on the rise. The survey conducted by financial advisory organization devere Group reveals that up to 73% of millionaires either own or want to acquire cryptocurrencies in the near future. This marks a rise of roughly 68% compared to the year 2019, when a similar survey for wealthy investors was last conducted. The survey was composed of participants with at least 1 million British pounds, which equals approximately $1.32 million dollars. The participants were selected from around the world, including the United States, the United Kingdom, Australia, Latin America, Asia, Africa and the Middle East. “As the survey shows, this impressive performance is drawing the attention of wealthy investors who increasingly understand that digital currencies are the future of money and they don’t want to be left in the past,” reports Nigel Green, CEO of deVere Group. The world’s wealthiest have in recent years found Bitcoin and cryptocurrencies. Miner profits reach yearly highs The revenue from Bitcoin mining has reached a yearly record. On the 18th of November daily BTC mining profits peaked at $21.2 million dollars. This broke an earlier record from the 6th of May, when the revenue was roughly $20.6 million per day. During May the profitability of mining plummeted in the wake of Bitcoin’s block reward halving. Back then bitcoin’s price was moving around $9 000 dollars. At the moment the price is roughly double at $18 000 dollars a piece. Aside miner revenue, also the Bitcoin network’s computing power is close to a new record. Right now the hash rate is approximately 143.3 exahash per second. The earlier record is from October, when the hash rate was recorded at 157.6 exahash per second. Mining profitability has grown despite the recent block reward halving. Number of BTC addresses growing The number of Bitcoin addresses is growing, reveals data by Glassnode. On the 18th of November a whopping number of 25 000 new BTC addresses were created every hour. Last time new BTC addresses were created at such a rapid pace was in January 2018, when bitcoin’s price was even higher than right now. The all-time record was on the 21st of December 2017, when new addresses were created up to 600 000 within a single day. The number of Bitcoin addresses does not directly correlate with the number of users, since users can in theory have multiple different addresses. Different services and apps can also generate several new wallet addresses for users. Nonetheless, the growing number of addresses is a strong indication that also the number of Bitcoin users is growing. The numbers also suggest different Bitcoin services and apps are currently used more than in years. Bitcoin wallets can be created unlimitedly, but most users only have a few. (PICTURE: BitcoinXio – CC) Mexican billionaire holds 10% of portfolio in BTC Mexican business mogul and billionaire Ricardo Salinas Pliego has revealed that roughly 10% of his investment portfolio is bound to Bitcoin. Pliego spoke of his investments on Twitter. The exact sum invested by Pliego remains unknown, but it is estimated to be substantial. Financial magazine Forbes estimates Pliego’s net worth as $11.7 billion dollars. Pliego in turn has reported it being roughly $13.8 billion. Pliego also encouraged his followers to get acquainted with Bitcoin and read related literature such as The Bitcoin Standard. The Bitcoin Standard has also been translated to other languages such as Spanish and Finnish. Pliego did not stop at praising bitcoin as an investment, but also continued to elaborate on its political dimensions. Pliego believes that bitcoin can effectively protect citizens from the intervention of states or other parties. As an example he mentioned Venezuela, where citizens have increasingly turned to Bitcoin to protect themselves from the country’s failed financial policy and hyperinflation. According to Ricardo Pliego fiat currencies are worthless compared to bitcoin. (PICTURE: JGTorresH – CC BY-SA 4.0) Japanese banks test digital yuan A group comprising of more than 30 Japanese companies intends to begin experimenting with the country’s upcoming digital yen. The central bank of Japan has announced launching the digital yen in the near future as a response to rapidly evolving financial technology reshaping the world. The group also includes the three biggest private banks in Japan. These financial companies including Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have earlier developed their own financial technologies and digital currencies. In the now commencing experiment they will test out common platforms for using the digital currency. “Japan has many digital platforms, none of which are big enough to beat cash payments. We don’t want to create another silo-type platform. What we want to do is to create a framework that can make various platforms mutually compatible,” states Hiromi Yamaoka, chairman of the group. While Japan is traditionally regarded as a technological superpower, the nation still heavily relies on cash. Digital payments only comprise 20% of Japan’s payments, which pales in comparison to China with 75% of digital payments. One objective of the digital yen project is to encourage Japanese to move from cash to a modern digital currency. Game of Thrones star bought bitcoins Bitcoin is once again a hot topic also for celebrities. Game of Thrones star Maisie Williams recently reported buying bitcoins for the first time in her life. The actress known for her role as Arya Stark had earlier asked her 2 million Twitter followers if she should invest in bitcoins. The question received roughly 900 000 answers, of which more than half encouraged investing in the cryptocurrency. Williams later revealed she had indeed invested in bitcoins, although she did not specify the sum. After the moment of her purchase bitcoin’s price has already risen 4.5 percent. Maisie Williams is the latest high profile celebrity to have invested in bitcoin.

Tag: Japan

The rich have found Bitcoin – Weekly news 46/2020

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