14 Percent Of Japan’s Young Male Workforce Invest In Cryptocurrencies, Study Shows
A survey conducted by a Japanese magazine for young businessman reports that 14 percent of surveyed respondents own cryptocurrencies.
A survey of male employees in Japan from ages 25-30 shows that 14 percent of the participants own cryptocurrency, according to data published April 3 by Shin R25, an online magazine for young businessmen.
4,734 men nationwide participated in the Shin R25 “Questionnaire Survey on Virtual Currency” from January 2018 to March 2018. According to the survey, over a quarter of respondents that owned crypto reported that it was their first investment experience.
Of the young Japanese male employees that own crypto, 92 percent said that they entered the crypto markets “for investment,” 37.4 percent “for the time being because it is a trend,” and 19.9 percent due to “acquaintance and media recommended information.”
In regards to the value of respondents holdings, 34.5 percent own less than 50,000 yen (about $469) of crypto, while only 10.2 percent owned 1 mln yen or more ($9,360 or more).
The majority of respondents, 24.3 percent, bought their crypto assets between October and December 2017, while 15 percent bought them when “the price fell sharply” in “2018 or later.”
When asked about their future plans for their cryptocurrency investments, 47.1 percent reported that they “would like to actively invest” in the future and 35.4 percent that they “do not intend to continue investing.”
Cointelegraph contributor Joseph Young tweeted about the survey results, noting his surprise at what he called a “high adoption rate:”
A study found that 14% of employees in Japan aged 20~25 years already invested in or hold cryptocurrencies like bitcoin and Ethereum.— Joseph Young (@iamjosephyoung) April 4, 2018
This is a surprisingly high adoption rate, I expected less than 10%, even in a leading cryptocurrency market like Japan.https://t.co/MwJtjmf1KQ
Japan’s cryptocurrency sector was shaken at the beginning of this year by a hack of around around $534 mln in NEM at the Japanese crypto exchange Coincheck. In the aftermath of the hack, Japan’s Financial Services Agency carried out on-site inspections of 15 unregistered crypto exchanges in the country, eventually sending business improvement notices to 7 and temporarily halting operations at 2 more.