Investors Use Startup Stocks to Bet on Bitcoin in Japan
Blockchain startups are being used a pawns for Japanese investors to gain exposure to Bitcoin.
Japanese startups are leveraging Blockchain technology to increase their stock market value, reports suggest.
Bloomberg noted on Tuesday that Blockchain voting platform Infoteria and financial data services provider Fisco saw rises of 58 percent and 26 percent over the past month respectively.
Fisco additionally opened a Bitcoin exchange in 2016.
“From about a month ago when all these virtual currencies started spiking like crazy, we began seeing the so-called “stocks of the virtual currency bubble,”’ Naoki Murakami, a major trader, told the publication.
“Not everyone is sure they can trust bitcoin exchanges. And some don’t have accounts there. That’s why they’re using the stock market to speculate.”
The stocks of such startups are no doubt additionally profiting from Japan’s recent law change giving free reign to Bitcoin as a method of payment.
Traders are lining up to buy into Bitcoin en masse via other methods as well, with commentators regularly suggesting the Japanese market is a major force behind the current price rise.
“It’s pure frenzy,” Murakami added.
Bitcoin’s price continues to shy away from the $3,000 mark despite several run-ups over the past 24 hours.