A representative of Quoine cryptocurrency exchange and fintech firm located in Japan was interviewed at the beginning of this month. According to his viewpoint, the price of BitCoin will continue to grow the next year, and probably, will reach its heights and even surpass them.
Mike Kayamori was discussing a recent slump of the coin price and expressed a belief that it will set only after the new year holidays. He also said that it is not surprising to see the decrease in prices and they will undoubtedly gain their value back soon.
The company CEO admitted that experts evaluate the BTC bottom at $4,000 during these winter months, but the truth is different as recently it could not hold this cost. He also says that the knowledge of the coin history and other events happening in the world allow him to suppose that its bottom can be faced very soon.
He explains his viewpoint by the constant pressure made on the crypto miners. The last ones have to shutter operations to avoid huge money losses. As a result, if a certain number of miners leaves the industry, probably, the lowest BitCoin price will be rather soon.
According to Kayamori, Japanese cryptocurrency market is reviving after the significant loss. If you remember, a group of thieves stole $534 million from Coincheck at the beginning of this year. Only now regulators agreed to give approval to new trading platforms and tokens after that situation.
In addition, Financial Services Agency of Japan decided to secure other exchanges and their guests from similar experience and issued a number of terms to improve business orders. It should have helped to remove illegal players from the industry and only now most of the companies managed to fulfill the following terms.
He also called modern Japanese crypto market consolidated thanks to the practices made by different organizations and their participation.
Japan has always been taking leading positions in the global economic system and crypto market regulation, in particular. No wonder now the country is working on the new model to raise funds called Security Token Offerings (STOs) that are similar to ICO.
Moreover, the FSA puts effort to prevent frauds in the industry by developing new ICO regulations. One more thing Japanese market is working on is how to stop tax evasion on profit received from the transactions made in cryptocurrency.