Bitcoin is too expensive, it’s more viable mining bitcoin cash, says SBI Holdings chief executive.
At the inaugural Japan Blockchain Conference in Tokyo this week, SBI Holdings Chief Executive Yoshitaka Kitao claimed that bitcoin cash is more viable than bitcoin.
Following decades of economic discontent, he believes that the next Japanese economic boom is going to come courtesy of blockchain related technologies.
Taking blockchain beyond financial
With the introduction of much-anticipated 5G technology, Internet of Things advancements and increases in artificial intelligence, Japan is in a fantastic position to lead the way, which has prompted a USD 460 million fund from SBI that is seeing investment in companies throughout Japan and across East Asia.
“We want to take blockchain beyond financial,” Yoshitaka Kitao commented.
“There’s a lot of speculative demand around cryptocurrencies, which is why the price is going up so quickly, but people need to think about how these technologies are being used in real life and how they can improve people’s businesses.”
It was announced earlier this year that SBI plans to launch a cryptocurrency exchange in the summer and that they have invested a considerable amount into a renewable energy wind farm with the intention of mining bitcoin cash, which Yoshitaka claims is a more viable option than the original bitcoin.
Bitcoin is too expensive
“Bitcoin is too expensive, and people are just holding it and hoping it increases in value,” said Yoshitaka.
The chief executive of Centrality, a New Zealand-based decentralized app marketplace that recently closed a USD 80 million ICO also believes that Japan and East Asia will be primary players and the drivers behind the adoption of blockchain and cryptocurrency on a global scale.
“We’re focused on the region because people in Japan are far further ahead than the rest of the world when it comes to blockchain and cryptocurrencies,” commented McDonald, who agrees that the blockchain boom is just a few short years away.
Centrality’s ICO saw an overwhelming level of interest from Japan, where records suggest that one-third of adults have experience of using a cryptocurrency wallet.
Prevent the market from declining
Blockchain investment advisory company CTIA is one of Centrality’s most prominent investors, and chief executive Tezuka Mitsuru said – “If blockchain is integrated into the Japanese market it will be a great tool and prevent the market from declining.”
Enthusiasm in the Japanese market has been dampened somewhat, however, due to heavy-handed regulation, with the Japanese government clamping down on some exchanges following incidents of high-profile theft.
Such actions have played a part in the recent drop in value for bitcoin this year, but reports such as those coming out of the Japanese Blockchain Conference are cause for optimism for those with a long-term view.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.