Bitcoin hit an all-time high against the Japanese yen today, reaching 7,870,000 JPY. This is the biggest Bitcoin worth in Japan since November 2021, exceeding the previous high of 7,794,000 JPY.
Bitcoin’s value versus the yen has increased by 25% in the last two weeks, beating its 22% gain against the dollar. Notably, Bitcoin’s all-time high versus the dollar remains around $69,000, indicating that its value may continue to rise.
This rise in Bitcoin’s price coincides with important legislative developments in Japan, the world’s fourth-largest economy. Japanese authorities have approved local venture capital companies to engage in cryptocurrency ventures, a shift from past limitations.
Japanese crypto revolution
Until today, Japanese venture capital companies were forbidden from making direct investments in crypto assets. However, a recent decision by the Japanese government indicates a shift in regulatory posture, permitting these corporations to pursue crypto-exclusive activities. According to CoinPost, Japan aims to propose draft changes to parliament as early as 2024, which represents a big step forward in regulatory reform.
The combination of Bitcoin’s record-breaking performance in Japan with the regulatory adjustment highlights a significant change in the crypto ecosystem. As institutional interest in digital assets grows globally, Japan’s legislative actions position the country as a vital participant in cryptocurrency adoption and innovation.
With BTC surpassing previous price boundaries and regulatory roadblocks gradually being removed, Japan is primed for growing global market dominance.
