Analysts from Japanese financial holdings company Nomura have estimated that the rise in the value of bitcoin could boost Japan's economic growth.
According to the researchers' prediction, gains from bitcoin trading by Japanese investors could see consumer spending increase in the range of 23.2 billion–96 billion Japanese yen ($206.5 million–$854.4 million).
A report published Friday by Yoshiyuki Suimon's team noted:
Describing the "wealth effect" as the increase in consumer spending resulting from a rise in asset values, the team further stated, "Although Japanese investors' unrealized gains are unlikely to feed straight through to their patterns of consumption, it is common knowledge that personal consumption is bolstered as a result of increases in the value of asset holdings."
According to a CNBC report, the Nomura team also acknowledged a statement from the governor of Bank of Japan, Haruhiko Kuroda, who said in late December that speculation has led to the rise in bitcoin price.
Nomura building image via Shutterstock
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