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  Bitcoin May Increase Japan's Gross Domestic Product by 0.3% | Bit Updates
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Bitcoin May Increase Japan's Gross Domestic Product by 0.3%

Tuesday, January 2nd, 2018 | bitcoin updates

According to Japanese Nomura Bank analysts, Japan's gross domestic product (GDP) could benefit significantly from bitcoin advancement, by 0.3%. Until recently, it was unanimous that cryptocurrencies are too small in size for their market capitalization to achieve macroeconomic relevance, so the Japanese example shows that these estimates are likely to be a thing of the past. With a market capitalization of over $ 600 billion, crypto currencies are now also a relevant influencing factor in national accounts.The reason for the economic relevance, however, is less due to the payment acceptance of Bitcoin – just 3 of the 500 largest online retailers accept Bitcoin. More important to the rise of Bitcoin has contributed to its role as an investment object. The (potential) 0.3% crypto-induced GDP growth comes from investors who can look forward to significant asset growth. In the 0.3%, therefore, shows the wealth effect primarily by the Bitcoin holder. One hope of economists is that part of these new assets are put into national consumption. Finally, it has been observed in the past that when investors experience high price gains, e.g. in equities or real estate, this also feels more prosperous in terms of consumption. Whether more cars and luxury watches are sold, however, has yet to show itself. The investigations of economists show one thing above all: Japan is the kryptonation No.1, even before the United States in second place. Nomura estimates that around one million Japanese people own around 3.7 million bitcoins.BTC-ECHOAbout Sven WagenknechtSven Wagenknecht is editor-in-chief of BTC-ECHO and responsible for editorial planning and business development. After completing his training as a banker, he studied politics and economics in Münster and completed various career stages, for example in one of the leading management consultancies and in the Federal Ministry of Economics. He is particularly fascinated by the blockchain technology's long-term implications for politics, society and the economy. As Speaker, most recently at the St. Petersburg International Economic Forum 2017, he will talk about the macroeconomic potential of Blockchain. All contributions by Sven Wagenknecht


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