Sunday, June 16, 2024

    One Bitcoin is Worth Over 1 Million Japanese Yen

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    A lot of people are keeping a close eye on the Bitcoin price right now. For most users, surpassing the $10,000 mark is a major event. However, Bitoni has already surpassed the 1 million price in a different currency. Not the Argentine Peso or any other weak currency, mind you. Instead, one Bitcoin is worth over 1 million Japanese Yen. An interesting feat, given Japan’s position in the world of cryptocurrency today.

    Most users tend to forget Bitcoin is quite big in Japan. Both in terms of exchanges and retailer adoption, Japan is setting the pace for the rest of the world. We can only hope to see other countries and continents follow their lead by example. It is evident this Asian country plays a big role in the future of Bitcoin and other cryptocurrencies. This also makes the 1 million yen per BTC milestone all the more important right now.

    One Million yen per BTC

    Granted, the Korean exchanges are the ones that really matter in terms of trading volume. bitFlyer is the only Japanese exchanges contributing a decent amount of BTC volume these days. However, people are willing to spend 1 million yen per BTC. That is quite a steep amount, even though the Yen is not the strongest currency in the world by any means. In fact, it represents less than 1% of a US Dollar in terms of value. It is only a matter of time until we see the BTC price surpass $10,000, though.

    It is important to monitor such major price milestones around the world, Not everyone relies on the US Dollar, even though Americans often think otherwise. In Europe, we are still waiting for Bitcoin to surpass 8,000 Euro. This is a stark contrast to the $9.000 price we see across all exchanges. There are a lot of major milestones waiting to be hit in the coming weeks, assuming the current trend keeps up. One million yen is quite a lot of money for the average Japanese citizen to spend on Bitcoin, to say the least.

    All things considered, things are looking pretty good for Bitcoin. Maintaining price over 10 million Won will be the next major goal for the world’s leading cryptocurrency. After that, it is up to the US Dollar and Euro to surpass the five-digit levels. Last but not least, there is also the Pound Sterling which still needs to surpass the 7,500 mark. A lot of interesting things will happen in the coming weeks and months, that much is rather evident.

    Header image courtesy of Shutterstock

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