Japan has introduced a series of policies on the legalization of Bitcoin, which has made the price of Bitcoin relatively stable

Golden Finance News - In the past two days, the price of Bitcoin has stabilized at $1,215, mainly because Japan has promoted the Bitcoin market and proposed relevant content for the legalization of Bitcoin.

The price of Bitcoin has been stable recently. The Japanese government has proposed legalizing Bitcoin. Image source: Golden Finance

On April 1, the Japanese government drafted a document on the Bitcoin legalization law, in which the Japanese government's financial system fully played a role and officially recognized Bitcoin payments as legal. As a result, Japanese companies began to integrate Bitcoin payments and provide digital currencies as a choice for consumers, promoting the legalization of Bitcoin.

Most notably, Bic Camera, one of Japan’s largest electronics retailers, announced a partnership with leading Bitcoin exchange bitFlyer to enable its customers nationwide to purchase electronics with Bitcoin, a move that is increasingly legitimizing Bitcoin.

Bic Camera has accepted the popularity and positive impact of Bitcoin, and recognized the positive impact of Bitcoin legalization. According to media reports, digital currency has stimulated the demand for Bitcoin among traders and investors. The growing demand for Bitcoin has further driven the trading volume in Japan, making Japan the most important Bitcoin exchange market.

The Japanese foreign exchange market controls more than 43% of the global Bitcoin trading market, which means that the Bitcoin market share or trading volume in the Japanese market may be greater than that in the United States, Europe and China, and the demand for the legalization of Bitcoin in Japan may also be greater than that in the United States, Europe and other countries.

Japanese electronics retailer Bic Camera forms partnership with Bitcoin exchange bitFlyer Image source: Golden Finance

Bitcoin Scaling: SegWit vs. Bitcoin Unlimited

For the foreseeable future, SegWit (Bitcoin Segregated Witness) will likely maintain its current momentum and continue on the path of activation to increase market acceptance. According to various sources, including CoinDesk, 70% of businesses and companies in the Bitcoin industry support the activation of SegWit.

In terms of node distribution, Bitcoin node support for SegWit is very high compared to Bitcoin Unlimited. Currently, 83.2% of Bitcoin nodes are supportive of SegWit, while the rest support Bitcoin Unlimited, XT, etc.

Currently, it is obvious that Chinese Bitcoin mining pools including Antpool and ViaBTC are heavily promoting the Bitcoin Unlimited client. In fact, according to Coinbase, about 36% of the Bitcoin mining network supports Bitcoin Unlimited, and today, April 11, 45.1% of the Bitcoin mining industry supports Bitcoin Unlimited.

Bitcoin nodes have very high support for Bitcoin Unlimited. Image source: Golden Finance

The debate over Bitcoin expansion is an important reference for short-term and medium-term Bitcoin price predictions, although certain events and factors will also have an impact, such as the explosive growth of the Bitcoin industry in Japan, which is driving its price to a guarantee of more than $1,200. Analysts explained that the Bitcoin price may reach a new high of $2,000 to $3,000, which will also have an impact on Bitcoin legalization, so a solution for Bitcoin expansion must be put in place.

If Japan’s bitcoin exchange market and industry can continue to stay ahead of other digital currencies and maintain steady momentum, the price of bitcoin could remain relatively stable around $1,200 in the near future.