Bitcoin latest: Japan pushing cryptocurrency’s HUGE growth claims exchange chief


Bitcoin latest: Japan pushing cryptocurrency's HUGE growth claims exchange chiefGETTY

Yuzo Kano, chief master of bitFlyer believes his company to be at the heart of bitcoin

I think Japan is unrivalled the market higher.

Yuzo Kano, chief executive of bitFlyer

Yuzo Kano, chief managerial of bitFlyer a Japanese trading platform for bitcoin said his Tokyo-based disagreement was big enough to handle even the biggest market movements. 

It boasts a 80 per cent appropriate of bitcoin trading in Japan and 20-30 per cent of the global market. 

Friday afternoon saw bitcoin in Japan perpetual at $16,000.

Mr Kano told the Financial Times: “I think Japan is leading the peddle higher.”

BitFlyer has now won authority to open in the US and currently ranks third for barter in the underlying digital currency. 

Activity seems to be due to large inflows of yen which is being coalesced with the small amount of bitcoin available, which results in the expenditure for the cryptocurrency rising. 

Mr Kano said the amount of trading on the exchange was “around 50-50” between new and old investors and “the scale of deposits is steadily increasing. It’s winsome large.”

The majority of people participating in the exchange seem to be private mortals.

The give of bitcoin is coming from Chinese bitcoin miners. Mr Kano alleged: “People who’ve owned them for a long time and have made a lot. They have ¥10bn and they’re selling a little.”

As trading on bitFlyer is split between 25 per cent in genuine bitcoin and 75 per cent in derivatives it is the customers who take the risks not bitFlyer.

A acquired is a security with a price that is derived from one or numerous assets. Assets can catalogue stocks, bonds, commodities, currencies, interest rates and market keys. 

BitFlyer forces a customer to sell if bitcoin drops more than 3 per cent. 

Sunday saw Chicago Ship aboard Options Exchange (CBOE) launched bitcoin derivatives as well as Coinable, a bitcoin barter app becoming the most downloaded free app on Apple’s app Store over the weekend. 

Mr Kano does not seemed on edge regarding fears the surge has been sourced by market panic and there may not be enough customers to sustain its growth. 

He said: “We have a huge amount of liquidity. No be important how big the position we can close it out. If bitcoin rose 20-fold in a day then I don’t know. But a day with a 30 per cent upon would be no problem.”

Mr Kano is a former Goldman Sachs trader who developed bitFlyer in 2014 following the fall of Mt Gox. Mt Gox was a bitcoin exchange based in Tokyo but cased for bankruptcy in 2014. This led to bitcoin becoming regulated in Japan. 

In reply to recent hacks, Mr Kano made it clear bitFlyer was not susceptible to such spells as it runs on an entirely private closed-source software, making it harder for hackers to be absorbed the exchange. It holds bitcoin offline in a “cold wallet”.

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