Japan’s GMO Internet Group, an internet company that provides several internet-related services, has released the results of a survey where nearly half of all respondents said that, out of all tokens, they expect Ripple (XRP) to rise the most in price.
The company surveyed nearly 11,000 participants from January 30 to February 20, and like surveys conducted by eToro, the results are interesting.
70% of respondents also believe that cryptocurrencies are long-term investments and that there is indeed potential in digital assets in the future.
Unsurprisingly, the main reason for investment is because of the potential profit, and concerns had to do with market volatility and exchange security. There is also a strong implication that the potential for high returns has a strong place in investor’s minds, as the report notes that 90% of respondents entered the market after the highs of late 2017.
The Japanese Yen (JPY) and the U.S. Dollar (USD) account for most of the the Bitcoin trading in the world, and the Yen has pipped the latter for the honor of being the largest fiat driver of Bitcoin trading.
GMO Internet Group has even launched its own crypto exchange, called GMO, through its subsidiary GMO Coin. In addition, the company has a brokerage and margin trading service, which GMO Coin has called a “sales office” and “virtual currency FX” respectively.
Ripple is a popular asset in Japan. Japanese financial services firm, SBI Group, is a backer of Ripple, and President and CEO of the firm, Yoshitaka Kitao, sees great potential in the token and expects every bank in the country to use the token by the 2025 Osaka Expo.
Meanwhile, Japan is making progress with cryptocurrency regulation, as the Financial Services Authority (FSA) is currently reviewing whether it should hand licenses to as many as 7 exchanges. It is also planning to amend 2 acts and change the name of virtual currencies to cryptographic assets, to accommodate the new asset class in the existing legal framework.
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