Share this article
BTC
$104,555.75
+
1.09%ETH
$2,513.11
+
5.39%USDT
$0.9999
-
0.01%XRP
$2.3767
-
0.14%BNB
$659.30
+
1.52%SOL
$174.40
+
3.18%USDC
$0.9997
-
0.01%DOGE
$0.2334
+
4.92%ADA
$0.7998
+
1.37%TRX
$0.2630
+
1.33%SUI
$3.9844
+
3.25%LINK
$16.64
+
3.38%AVAX
$24.80
+
3.08%XLM
$0.3064
+
2.31%SHIB
$0.0₄1609
+
3.36%HBAR
$0.2084
+
1.48%TON
$3.4191
+
2.22%HYPE
$24.88
-
1.27%BCH
$413.66
-
0.22%LTC
$101.62
+
0.95%Advertisement
19:08:48:38
19
DAY
08
HOUR
48
MIN
38
SEC
On bitFlyer Japan, Bitcoin Rewards Program Hits New Record
A report shared with CoinDesk Japan revealed the number of bitFlyer users exchanging loyalty points for bitcoin hit a record high in August.
Updated Sep 14, 2021, 9:57 a.m. Published Sep 18, 2020, 12:49 a.m.
The number of monthly users who earned T-Points, or loyalty points, for bitcoin (BTC) payments on the bitFlyer exchange in Japan reached a record high in August. The two companies partnered to offer rewards to customers last year.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Long & Short Newsletter today. See all newslettersBy signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.
- According to a bitFlyer report featured in a CoinDesk Japan article Thursday, the exchange did not specify the number of users of the service. But BTC was trading at 1.3 million Japanese yen ($12,400) in August for the first time in a year
- Midori Kanemitsu, a market analyst at bitFlyer, indicated this reflects a larger trend: against the backdrop of COVID-19 and global monetary easing, bitcoin is shifting from a speculative investment for individuals to an institutional hedge against inflation.
- Kanemitsu also expects institutional investors to enter the Japanese bitcoin market.
- A bitFlyer survey conducted earlier this year revealed that 30% of new visitors to the exchange are in their 20s, and that number has doubled since a previous survey conducted in 2018.
- The rewards system, launched in August 2019, allows users who have a bitFlyer account to exchange T-points for BTC.
- Users can also earn one T-point for every 500 yen (~$4.80) spent in BTC at participating member stores.
Read more: Most New Customers at Japanese Exchange BitFlyer Are in Their 20s
Sandali Handagama
Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali
