Analysts from Japan finance giant Nomura have found Bitcoin may be contributing as much as 0.3% extra GDP(Gross Domestic Product) to Japan.
In a recent client note translated by Business Insider, Yoshiyuki Suimon and Kazuki Miyamoto praised the positive effects on consumer spending resulting from large numbers of Japanese individuals holding Bitcoin.
The optimism capitalizes on Japan’s Bitcoin breakout this year, which saw the country take pole position in Bitcoin-to-fiat trading, as well as adopt nurturing regulatory frameworks to further Bitcoin’s implementation into its economy.
Following the positive news of its legal stance, Bitcoin accelerated in price to such an extent that Nomura suggests holdings could have a measurable effect on Japan’s GDP.
“The scale of this increase in assets can hardly be ignored!” they commented on Bitcoin’s growth.