In this report, we estimate the wealth effect from unrealized gains on Bitcoin trading by Japanese investors since the start of FY17, and estimate a potential boost to consumer spending of ¥23.2-96.0bn ... Japan's one million bitcoin holders could pour up to JPY96bn ($851m) into the country's economy, adding 0.3% to GDP, according to Nomura analysts Yoshiyuki Suimon and Kazuki Miyamoto. The duo forecasted that the sharp rise in bitcoin prices last year will spur an increase in economic activity as holders of the cryptocurrency feel richer and spend more. Bitcoin's price has surged over the past year, rising from around US$1,000 at its peak on January 1, 2017, to more than US$19,000 by December 2017. To date, many economists and analysts have believed bitcoin's rise in value will have little effect on the overall economy.
Japan's one million bitcoin holders could pour up to JPY96bn ($851m) into the country's economy, adding 0.3% to GDP, according to Nomura analysts Yoshiyuki Suimon and Kazuki Miyamoto. The duo forecasted that the sharp rise in bitcoin prices last year will spur an increase in economic activity as holders of the cryptocurrency feel richer and spend more. Bitcoin's price has surged over the past year, rising from around US$1,000 at its peak on January 1, 2017, to more than US$19,000 by December 2017. To date, many economists and analysts have believed bitcoin's rise in value will have little effect on the overall economy.