On Friday, the Japanese government passed a law that recognizes Bitcoin as a legal payment method. On that news, the crypto-currency spiked some 7%. The ability for businesses and individuals to use Bitcoin as a payment method will provide more demand for the crypto-currency. The increased demand will ultimately push the value of the currency above its all-time high of $1,350..00.
The law is being nicknamed the Bicoin law. The law allows for Bitcoin to be used as a payment method in Japan starting on April 1st. That means that Japanese citizens are likely to start getting involved in Bitcoin as well as the potential for Japanese exchanges and ATMs. While I do not see Japan becoming the biggest users of Bitcoin, that distinction belongs to China, I do see some increased usage.
Bitcoin was launched in 2009 and since that time the currency has been appreciating in value. In fact, since 2010, the currency has increased in value every single year except 2014. Already in 2017, the currency is up some 17%. In December, the currency was trading at $700.00. It is now quoted at $1,138.00:
As a payment method the crypto-currency is very useful for anyone who wants to buy and sell items completely anonymously. That is the entire idea behind Bitcoin. Being able to move money out of your country and being able to invest in the currency itself is an appeal in its own.
I am a big believer in the currency. Think about China and all of their economic woes they have been heaving. China is home to some of the world’s biggest exchanges for Bitcoin, Huobi and OKCoin. The volume on these platforms dwarfs most other platforms around the world. This makes sense.
Source: https://seekingalpha.com/article/4060740-bitcoin-surged-good-news-price-increases-come
