According to a recent survey, more than 80% of Japanese cryptocurrency traders want to hold onto their coins this year.
The poll was carried out in January of this year by the Tokyo-based media company Zero Accel, who contacted 330 cryptocurrency owners across 47 different Japanese prefectures. In a press release, Zero Accel noted that 82.7% of all cryptocurrency owners indicated they “plan to continue holding” their tokens in the future.
Nearly seven out of ten respondents named bitcoin (BTC) as their preferred coin, with the majority of the remaining respondents naming ethereum (ETH) as their preferred token.
The company claimed that the survey’s participants, 228 men and 102 women, ranged in age from 20 to 60.
Cryptocurrency investors were found to place a higher value on “creditworthiness and future prospects” than “current market capitalization” when selecting a coin to invest in, according to the firm.
About 75% of those polled claimed to have been involved in the cryptocurrency market for three months or less. Six out of ten people claimed to have “one or two” years of market experience.
Although many people lamented their losses during the crypto winter, almost half reported that the value of their portfolios had increased in the previous 12 months.
The participants’ preferred cryptocurrency trading platforms were also brought up in the discussion.
The majority of respondents said they preferred bitFlyer, the market leader in Japan. They declared that they thought the platform had good security standards. They also said they enjoyed how the site has never been the target of a hacker attack.
The company stated that “those who invest in cryptocurrencies not only want to generate money, but also empathise with crypto projects’ ideas and beliefs” is “one of the reasons” Japanese crypto holders look inclined to HODL.
According to Zero Accel, certain cryptocurrency projects have “passionate admirers” who may not want to leave the market “for petty reasons like price reductions.”
According to some Japanese cryptocurrency investors, hefty tax rates have turned them off. The cryptocurrency sector petitioned the government to change the country’s tax legislation last year. Many cryptocurrency owners think that the way that cryptocurrency is taxed in Japan is unjust because holders are charged on a sliding scale similar to an income tax.
So, higher-earning people may have to pay up to 55% in taxes on their cryptocurrency gains. Cryptocurrency owners in other countries only pay capital gains taxes.