Although it could be completely coincidental- since the activation of the Japanese Bitcoin tax elimination bill on July 1, Bitcoin price increased from around $2,450 to $2,570. It is not a fair assessment to wholly attribute Bitcoin’s upward momentum to the Japanese market as it only accounts for 16.2 percent of the global Bitcoin exchange market.
However, positive signs for Bitcoin trading in Japan could have established a positive precedent across Asia, which controls more than 65 percent of the global Bitcoin exchange market share and affected bitcoin price.
Bitcoin’s tax elimination bill is also important for the ecosystem of Japanese Bitcoin merchants. Recently, some of Japan’s most influential companies including its largest electronics retailer Bic Camera started to accept Bitcoin as a digital currency and a payment method.
Soon, hundreds of thousands of restaurants, cafes and stores could begin accepting Bitcoin as AirRegi, Japan’s largest point of sale machine operator, is looking to integrate Bitcoin by the fall of 2017.