Japanese Analyst: Bitcoin Price Will Easily Hit 1 Million Yen by October
Masayuki Tashiro, a prominent Japanese market analyst, has said that the price of Bitcoin will easily surpass 1 million yen, or $9,000, by October.
In an interview with Bitcoin.com, Tashiro expressed his personal optimism towards the Bitcoin market and explained that tightening of regulations in the Japanese crypto market will eventually lead investors to regain trust in the rapidly growing sector.
Tashiro emphasized that the imposition of stricter policies and regulatory frameworks will eliminate cryptocurrency exchanges with poor security measures and internal management systems from the market, allowing investors to comfortably invest in digital assets without being concerned about the potential insolvency of certain cryptocurrency trading platforms.
“Strengthening the rules is a good move. People will be able to invest with peace in their mind as the poor quality crypto vendors will exit and a strong anti-money laundering system will be put in place internally within each exchange. Furthermore, last year BTC price rose by more than 40% twice. this is the same figure as the Nikkei average during the Lehman shock,” Tashiro said.
Why $9,000 Specifically?
Since January of this year, the cryptocurrency exchange market has experienced three major drops followed by relatively quick recoveries. In February, the Bitcoin price dipped below the $6,000 mark but rebounded to $10,000 the following month. In April, the Bitcoin price tested the $6,000 mark once again, only to rise to $11,000 the subsequent month.
Given the tendency of Bitcoin to rise by 40 to 50 percent after each major drop, Tashiro said that the probability of Bitcoin stabilizing in the $9,000 to $10,000 range is high, especially if positive developments in the Japanese cryptocurrency market occur in the upcoming months.
Last month, the Japanese Financial Services Agency (FSA) has requested the G20 to unify cryptocurrency regulations and impose proper policies to govern digital asset exchanges and blockchain-related businesses.
At the time, FSA officials clarified that their intent is to allow the cryptocurrency market to operate as a strictly regulated and monitored industry which investors in the traditional finance sector can confidently invest in.
A spokesperson of the FSA stated that countries in the G20 must implement unified policies to address money laundering cases involving anonymous cryptocurrencies like Zcash, Monero, and Dash.
“It’s nearly impossible for Japan to handle the problem alone. Even if trade is restricted to only domestic transfers or monitoring is enhanced, it’s still not enough to counter money laundering. It would be best if all the group of 20 industrial and emerging nations and regions (G20) would take the same steps toward prevention,” the spokesperson stated.
The exposé report of Mainichi, the oldest newspaper and mainstream media outlet in Japan, that the Yakuza, the world’s biggest crime syndicate, has been using public cryptocurrency exchanges to launder billions of dollars annually, and the $500 million security breach of Coincheck alerted the government and local financial authorities, forcing them to impose stricter regulations.
Stable Race is Key
Tashiro stated that Bitcoin and the rest of the crypto market will likely experience a speedy recovery in the upcoming months, but he said that most investors in Japan and other major markets like South Korea are hoping the next major rally of crypto to be less heated and intense, to prevent such a drastic drop in prices in the long-term.
“Personally I am bullish, and by the time the outline of the regulations will come together in October, those investors who will feel safer will come back. I hope things won’t get as overheated as last year, but I believe BTC can win back the value of 1 million yen (9,020$) in range.”