Japanese Middle-aged Man is the Driving Force of Bitcoin
December 15, 2017
Economist of Deutsche Bank Masao Muraki believes that Japanese men of 30-49 years have become the driving force of the most popular cryptocurrency. He notes that it has happened for a number of reasons. First, cryptocurrency is very popular around the country, in general. Second, there are certain peculiarities of the trading methods used by the local residents.
To Muraki’s words, small investors who borrowed money for trading in fiat money, in other words, conducted margin trading, stopped making profits from this type of activity and were forced to engage in margin trading in cryptocurrencies.
"We believe that small investors have switched from currency margin transactions to cryptocurrency ones. Our report shows that Japanese men of 30-49 years old, dealing or having dealt with the currency, went on to trade in cryptocurrencies and in that way moved the market forward."
In Japan, 79% of the currency trades are carried out by men, 63% of whom are between 30 and 49 years of age, the economist said, using the data from GMO Click Securities. He added that Japan accounts for 54% of the global margin trade. Moreover, the Land of the Rising Sun
"It is reported that Japanese traders carry out almost half of the cryptocurrency trading after China has banned cryptocurrency exchanges," he said.
Muraki added that the amount of speculation in cryptocurrencies has reached such a mark that it can no longer be ignored.
Recently Deutsche Bank has