Just as expected Japan’s largest bank Mitsubishi steps in to control the bitcoin market to “protect investors”. Always protecting the investor are they? The bitcoin market has gone on unregulated but since Japan has decided to get involved in bitcoin in very big way, government regulators are going to step in. Mitsubishi is involved in bitcoin in a huge way and since they couldn’t regulate the market when btc price dropped through the floor in 2014, Mitsubishi intends to regulate how btc will be invested in from this point forward. It wouldn’t surprise me at all if Mitsubishi isn’t heavily invested in btc mining. Bitcoin went to $20,000 last week then suddenly dropped to just over $13000 panicking many investors. Then you have people taking out mortgages to buy bitcoin then it drops to $13,000. They panic freaking out they lost their investment and try to sell.
Bitcoin will go over $20,000 next year and higher so hold for the long term. And as to be expected Mitsubishi wants its cut of the action by charging a fee on the exchanges. Best to stay out of the exchanges in Japan if you are a foreigner because they charge the highest fees. Nobody I know of involved with crytpocurrencies goes through Japan-based exchanges. The Japanese are forced to because of their lacking the necessary English to make certain they know what they are doing outside of Japan. Knowing this Mitsubishi and btc exchanges can extract more profits. The entire purpose and utility of btc is to avoid the banking middleman and centralization which is precisely what is happening in Japan.
Japan’s Biggest Bank to Introduce Safety Net for Bitcoin Investors
December 26, 2017
The largest Japanese financial enterprise Mitsubishi says it will offer a regulatory framework for bitcoin trading, aimed at reducing the risks and suppressing market volatility, whilst extracting a substantial profit from the scheme.
Kristian Rouz – Japanese banking conglomerate Mitsubishi UFJ Financial Group is working to set up a hedge mechanism for investors seeking to safeguard their bitcoin holdings. This comes amid rife volatility in bitcoin trading, and the concerns of the entire cryptocurrency market being a potential bubble.
Mitsubishi is the world’s second-largest banking corporation, and it already has experience dealing with a bitcoin crisis. Back in 2014, bitcoin crashed six fold, from $1,200 to $200 per coin, on the Tokyo-based exchange Mt. Gox, erasing significant volumes of investment capital.
In order to prevent a similar scenario on a larger scale – given the higher value of bitcoin now – Mitsubishi’s trust and banking units are seeking ways to diminish the costs of a possible downturn in bitcoin trading. Such a strategy would also help the Japanese financial watchdogs making their regulations more coherent, as the Bank of Japan (BoJ) sees bitcoin in a favorable light.
Please go to Sputnik to read the entire article.