Japanese internet giant GMO, operator of crypto exchange GMO Coin, released the results of a recent web questionnaire from January 30 to February 20 targeting 10,964 users. According to the survey, roughly 50% of respondents named XRP as the cryptocurrency most likely to rise in price in 2019.
About 70% of respondents believe in the future of cryptocurrencies at large.
Other Key Findings
- Over 70% are holding cryptocurrencies as long-term investments.
- Roughly 90% began trading after 2017, following Bitcoin’s record high and significant media attention.
- Roughly 20% began trading in 2019.
Respondents identified high returns as a main reason for trading cryptocurrencies, while market volatility, exchange security, cryptocurrency itself and reliability were sources of anxiety.
According to a study released by the Japanese Financial Services Agency (FSA) in 2018, there are 3.5 million Japanese crypto traders. The report compiled data from about 17 domestic crypto exchanges and showed that Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin are the most popular cryptocurrencies in Japan. In 2018, Japan was capturing 40 to 60% of global trades with the Japanese yen dominating the crypto markets.
In January, the Japanese yen (JPY) eclipsed the US dollar in worldwide Bitcoin trading, according to data from Coinhills – 49.1% versus 45.8%. Currently the US dollar drives the most Bitcoin trading, surpassing the Japanese yen – 44.01% to 42.69%, at time of writing.
You can check out the full survey here.