Bitcoin Effect On Japanese Economy "Cannot Be Ignored", Says Nomura

Bitcoin’s price rise in 2017 has been stunning. For an asset linked to no tangible value, the increase in price from $998 on January 1 2017 to hitting a high of $19,497 on December 16 was more than just eye-popping. It created a tangible bitcoin effect on economic growth that, at least in Japan, translates into an impact on quarterly gross domestic product growth “that cannot be ignored,” according to a Nomura report. This is particularly true in Japan, where much of the bitcoin ownership is centered.

Bitcoin effect: Second half of 2017, where most bitcoin gains occurred, primarily benefited Japanese citizens

There is a “wealth effect” thesis that Nomura researchers...