A total number of monthly users who have earned T-Points, or loyalty points till now, for Bitcoin [BTC] payments on the bitFlyer exchange in operational within Japan reached a new record high earlier in August. The 2 firms partnered to offer rewards to the user last year.
In line with bitFlyer official report, the exchange didn’t specify the number of users actually using the service. But BTC was trading at 1.3 Mln Japanese yen around $12,400 USD earlier in August for the very first time within this year.
An analyst at bitFlyer, Midori Kanemitsu, added that this reflects a bigger trend: against the backdrop of coronavirus pandemic and global monetary easing, Bitcoin [BTC] is shifting from a speculative investment for people to an institutional hedge against inflation.
Kanemitsu also expects institutional investors to enter into the Japanese Bitcoin [BTC] market.
A bitFlyer survey conducted earlier this year indicated that around 30% of the new visitors to the exchange are in their 20s, and that number had doubled since an earlier survey conducted in 2018.
The rewards system, launched earlier in August this year, permitting users who have a bitFlyer account to exchange T-points for Bitcoin [BTC].