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On bitFlyer Japan, Bitcoin Rewards Program Hits New Record

A report shared with CoinDesk Japan revealed the number of bitFlyer users exchanging loyalty points for bitcoin hit a record high in August.

By Sandali Handagama
AccessTimeIconSep 18, 2020 at 12:49 a.m. UTC
Updated Sep 14, 2021 at 9:57 a.m. UTC
(Shutterstock)
(Shutterstock)
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The number of monthly users who earned T-Points, or loyalty points, for bitcoin (BTC) payments on the bitFlyer exchange in Japan reached a record high in August. The two companies partnered to offer rewards to customers last year. 

  • According to a bitFlyer report featured in a CoinDesk Japan article Thursday, the exchange did not specify the number of users of the service. But BTC was trading at 1.3 million Japanese yen ($12,400) in August for the first time in a year
  • Midori Kanemitsu, a market analyst at bitFlyer, indicated this reflects a larger trend: against the backdrop of COVID-19 and global monetary easing, bitcoin is shifting from a speculative investment for individuals to an institutional hedge against inflation. 
  • Kanemitsu also expects institutional investors to enter the Japanese bitcoin market.
  • A bitFlyer survey conducted earlier this year revealed that 30% of new visitors to the exchange are in their 20s, and that number has doubled since a previous survey conducted in 2018.
  • The rewards system, launched in August 2019, allows users who have a bitFlyer account to exchange T-points for BTC.
  • Users can also earn one T-point for every 500 yen (~$4.80) spent in BTC at participating member stores. 

Read more: Most New Customers at Japanese Exchange BitFlyer Are in Their 20s

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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