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.