14% of Young Male Employees in Japan Own Digital Coins - Survey

More than 92% of the respondents possess cryptocurrencies for investment purposes.

by Coins.Online
05 April • 2 min
In News

As much as 14% of Japanese working men, aged between 25 and 30 years, have invested in crypto, a survey carried out by Shin R25, a local online magazine for young professionals, showed on Wednesday.

The magazine, which analyzes man lifestyle and consumption behaviour, polled 4734 male employees across the country of the rising sun, which is one of the largest bitcoin markets.

More than 92% of the interviewed between January and March said they possess cryptocurrencies for investment purposes, suggesting there are not many people who believe in the practical use of digital coins as a payment method presently. A bit more than 37% admitted they had bought crypto because it has been trendy, and nearly 20% said they counted on information in the media.

About one-quarter of those who own digital coins said this was their first investment experience, while 72% had invested in other market securities before.

Regarding the time of purchase, almost one-quarter of the respondents said they bought digital coins in the period between October and December 2017, when the market was blossoming, while 15% invested in a falling market earlier this year.

In terms of value, some 35% have invested less than JPY 50 000 (USD 467), while around 10% have poured more than JPY 1 million. Nearly half of all respondents said they intend to actively invest in the future.

Japan’s crypto market suffered a major blow in January when hackers stole more than USD 530 million worth of NEM coins from popular crypto exchange Coincheck. Subsequently, Japan’s Financial Services Agency initiated inspections of crypto exchanges and ordered seven of them to make security improvements. In 2014, Japanese Mt. Gox, once the biggest crypto exchange in the world, collapsed after a massive hack attack that saw 850 000 bitcoins stolen.

In 2017, Japan became the world’s first country to regulate crypto exchanges. Some 16 exchanges are presently registered, while another 16 were allowed to continue operating while their applications are processed.