Japan’s COVID-19 Stimulus Payments Didn’t Flow Into Crypto
The global pandemic has crippled many economies all over the world. Many governments are opting to give out stimulus packages to their millions of citizens to ensure a sense of safety despite a fear that the economy may not be able to recover. While many in the US have utilised this government monetary incentive to invest in the crypto-market, Japan seems not to think that a wise move. Reports from the country indicate that the large majority of the population has not invested in their crypto-exchanges with the help of their government-mandated stimulus packets.
The Corona Blow
While it seems that one would rather use the helping hand of their national governments to offset their problems caused by the pandemic, the dwindling investments in the cryptocurrency market still seem like an irregularity. The country Japan had issued its subjects with one hundred thousand yen as a stimulus which amounts to around nine hundred and thirty dollars. The three biggest centres of crypto-exchange reported that only a miniscule amount of that money went into crypto- investments. So while other sectors of the market may have gained a little due to the work-from-home nature of the pandemic, it seems that Corona has yet again caused trouble, now in the crypto-investment pool of Japan.
Why the disinterest?
While the majority of the investments have dropped, there were still some small increases from other quarters. For instance, investments by middle-aged users between ages ranging from 40 to 60 have increased by over thirty per cent in comparison to that of the young investors in their twenties. The reasons may be attributed to the Japanese cultural tendencies to save a bit over 50 per cent of the income and only spending around 15 per cent for financial plans.
It was pretty inevitable that the curse of Corona would not shy away from affecting the crypto-currency world. While in some technicalities the affections have been a bit positive, it seems like the affections over in Japan seems to reside more in the negative region. It is still okay to hold out hope and pray the investment pool will jump back to its original productive state. The main bank in the country had reported a small jump off a little over five per cent in public and corporation deposits. With time, the number is sure to increase.