Japan is considered to be one of the most crypto-friendly places for those looking to spend Bitcoin Cash (BCH). However, Google search results tell an altogether different story.
Japan is often listed as one of the top locations to spend BCH, particularly in Tokyo. Because the country legalized using digital currencies payments as early as April 2017, there are high levels of cryptocurrency adoption across the board compared to most other countries.
However, Japan is counted as an exceptional place to spend BCH particularly, often mentioned as an indicator that adoption is on the rise. Japan is currently ranked the third-densest region of Bitcoin Cash-accepting merchants. Tokyo was also the location for the cryptocurrency’s second-anniversary party which was held on Aug 1, 2019. So, Japan has always been a fixture of the Bitcoin Cash scene.
Yet, despite all this supposed buzz in Japan, Google search results paint a different picture. In the past 12 months, interest in Bitcoin Cash in the country has been largely stagnant. Bitcoin (BTC) consistently has much, much higher search interest and there seems to be no ‘increased’ interest in BCH all year.
This seems to poke holes into the assumption that Bitcoin Cash usage is ‘growing’ in Japan. The truth is, in fact, that all cryptocurrencies are growing in visibility in Japan. It’s not about Bitcoin Cash at all. Just think, seven months ago it was announced that 60 Japanese banks would be launching a new digital currency called J Coin. In yet another initiative, 100 Japanese manufacturers pledged to adopt blockchain technology in June.
The fact is that Japan is already a largely cashless society, so the country is inherently quite cryptocurrency-friendly. It even had cryptocurrency-related guidelines as early as 2014. However, this does not mean that it is an exceptional hub of Bitcoin Cash support. Judging from actual Google trends, the growth in support this year seems to be negligible and that might be a hard pill for some to swallow.
Do you agree that the adoption of Bitcoin Cash in Japan is overexaggerated? Let us know your thoughts below in the comments.