Japanese Investors Prefer Ripple’s XRP Over Bitcoin, Study Finds
A recent study conducted by the Department of Economics and Finance at the City University of Hong Kong has shown that Japanese investors have a strong preference for Ripple’s XRP over Bitcoin. This comes in contrast to the treatment Ripple and the XRP token are currently facing in the United States, where regulatory challenges have led to uncertainty surrounding its status.
According to the report, XRP is the preferred choice for Japanese investors when compared to other major cryptocurrencies such as Bitcoin and Ethereum. In a survey conducted by the Japanese crypto exchange BITMAX, 25% of the 1,498 respondents chose XRP as their favorite cryptocurrency, while 26% chose Bitcoin and 9% chose Ethereum. These results indicate a significant following for XRP in Japan.
The report also attributes Japan’s fondness for XRP to the country’s customs and the confidence that Japan’s largest venture capital fund, SBI Holdings, has in Ripple. SBI Holdings has been a key driver behind Ripple’s success in Japan, having invested close to $300 million in Ripple back in 2017. The company played a crucial role in helping Ripple break into the Japanese market through the creation of SBI Ripple Asia, which provides cross-border payment services to banks in the Asian region using Ripple’s distributed ledger technology.
Ripple’s adoption in the Asian region, particularly in Japan, is expected to continue growing. SBI Remit, a subsidiary of SBI Holdings, recently expanded its partnership with SBI Ripple Asia to introduce an XRP-based international remittance service for banks in the Philippines, Vietnam, and Indonesia. This move aligns with Ripple’s goal of disrupting the global financial system by offering faster and more affordable cross-border transactions compared to traditional methods.
In conclusion, the study highlights the strong preference that Japanese investors have for Ripple’s XRP over Bitcoin. The support from SBI Holdings and the successful penetration of the Japanese market have contributed to XRP’s popularity in the country. With further expansion and adoption in the Asian region, Ripple and XRP are poised to continue their growth and disruption of the global financial system.
Sources:
– Treatment of Ripple and XRP in the US (source)
– Japan’s welcoming environment for XRP (source)
– Survey conducted by BITMAX (source)
– SBI Holdings’ role in Ripple’s success (source)
– SBI Ripple Asia’s cross-border payment services (source)
– SBI Remit’s expansion of XRP-based remittance service (source)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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