Japan has not been able to simulate the growth levels which are achieved in the 1980s. Ever since then, it is struggling to fire up the economy once again. However, according to some of the experts, Japan will be able to witness similar growth. This time around, it will be due to blockchain technology as well as cryptocurrencies.
When you look at the usage of cryptocurrencies in Japan, you will realize that they hold a significant influence over the cryptocurrency market. The reason for this is that enormous volumes are generated in Japan. Many of the citizens actually invest in cryptocurrencies. Moreover, the financial regulators of Japan also have started allotting licenses to the cryptocurrency exchanges. This, cryptocurrency exchanges and investments in cryptocurrencies are becoming institutionalized in Japan. This will further increase the credibility as well.
Past economic glory:
When you look at the past performance of Japan, you will realize that in the 1970s, it was the 2nd largest economy. This continued throughout the 1980s. However, by the year 1990s, the economy was not able to grow at the same pace. As a result, for the next 10 years, the economic opportunity was actually lost.
With the advancement of technology as well, Japan was not able to regain the same kind of growth levels. That is why the economy and the markets mostly underperformed.
Growth powered by cryptocurrencies and blockchain:
One thing which is for sure is that the blockchain technology will revitalize not just a specific sector but multiple businesses and hundreds of companies all over the world. Moreover, the blockchain technology is also being used by the authorities in order to provide better governance as well. Thus, since Japan is already at the forefront of adopting the blockchain technology, it will be able to expand its services and products based on the blockchain technology.
Eventually, the Japanese companies which are more experienced in handling the blockchain technology and creating products will be pitching these products to the entire world. As a result, industries will be able to expand more easily. This will significantly increase the growth rate of the Japanese companies.
Thus, since Japanese are embracing Bitcoin as well as cryptocurrencies in a much better manner as compared to some of the other economies, the next wave of growth can be based on blockchain technology as well as cryptocurrencies. It remains to be seen whether it is able to work and get the same growth rate which it had in its glorious days.
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