[NEWS] Bitget predicts that the number of Japanese cryptocurrency investors will reach 500,000 by the end of the year

Bitget Research, the research division of the Seychelles-based cryptocurrency exchange Bitget, announced in a report that the Japanese cryptocurrency market is booming, with the number of individual and institutional investors expected to reach 500,000 by the end of 2024.

According to the report, Japan is one of the world's leading countries in cryptocurrency innovation, with approximately 350,000 people currently trading daily.

Japan's market size is between Turkey and Indonesia, and has grown to two-thirds that of South Korea.

The early adoption of cryptocurrency can be attributed to the Japanese government's proactive regulatory measures as part of its policies to promote the growth of the cryptocurrency industry.

The report reveals that the penetration rates of CeFi and DeFi in the Japanese market are almost the same, and the usage rate of P2P trading is significantly lower than the global average.

In addition, Japanese users have a high usage rate of NFT trading and DEX (decentralized exchange), and are also very interested in blockchain-based platforms and metaverse games.

In addition, the Japanese market is more active in spot trading than derivatives, with major tokens and tokens of local projects attracting attention. Established projects seem to be more stable and secure.

Bitget CEO Gracy Chen said in a statement, "Japan has a high awareness of crypto assets and continues to evolve dynamically and rapidly. This research has highlighted great opportunities and trends in the crypto industry, which will lead to growth and widespread adoption of cutting-edge technology. Bitget will continue to identify and support the potential growth and innovation in these markets."

Increase to 500,000 by the end of 2024

Bitget Research first cited an increase in investors as a prediction for the future of the Japanese crypto asset market. With the new global compliance policy and the listing of crypto asset spot ETFs in the United States, it is expected that institutional and individual investors will increase their participation in the Japanese crypto asset market.

And it reported that Japan's crypto asset penetration rate is expected to remain within the top 20 in the world, and the number of daily active traders is expected to increase from the current 350,000 to approximately 500,000 by the end of 2024.

As for continued interest in local projects, Japanese users will continue to show strong interest in local blockchain projects, and participation in NFTs and blockchain task platforms will also increase.

It is expected that one or two Japanese blockchain projects will become major players in the global cryptocurrency market through large investments.

It is reported that Japanese users are showing strong interest in Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Dogecoin (DOGE).

Uniswap and PancakeSwap are cited as DEXs used by Japanese traders.

Among Web 3.0 wallets, Metamask and Bitget Wallet are popular, followed by Phantom, Trust Wallet, and Coinbase Wallet.

Bitget was founded in 2018. It serves more than 25 million users in more than 100 countries and regions, and is committed to supporting users in smart trading with various trading solutions such as copy trading, which was implemented pioneeringly in the cryptocurrency industry.

Reference: Announcement
Image: Shutterstock

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