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Bitcoin and Stocks: Investors are Doubling Down on Japan

Bitcoin and Stocks: Investors are Doubling Down on Japan

All eyes are on Japan, as Berkshire Hathaway CEO Warren Buffett has invested in Japanese firms. Meanwhile, Japanese crypto investors are putting their money to Bitcoin.

Amid the continuous weakening of the US dollar, Buffett, dubbed as the “Sage” or “Oracle” of Omaha, has dumped a total of $11 billion on Berkshire Hathaway’s investments on American banks and airlines. Instead, he channeled $6 billion to Japanese firms, namely Mitsubishi Corp., Itochu Corp., Marubeni Corp., Mitsui & Co., and Sumimoto Corp.

Berkshire Hathaway plans to hold onto the investments for the long run, and that it may even invest more up to 9.9%. This caused the Japanese firms’ stocks to grow bullish, as many investors follow Buffett’s investment moves.

The Japanese yen has had a lousy performance so far, but it is now doing well in contrast to other fiat currencies like the US dollar.

Bitcoin Next in Buffett’s Investment?

Moreover, Buffett has invested in Barrick Gold Corp., a gold mining company. While he did not necessarily invest in gold, an asset that he has mocked for decades, many people are assuming that this constitutes a change of heart. Others even speculated that he will invest in Bitcoin as well.

For example, Co-Founder of Morgan Creek Digital Jason Williams, said in August that Buffett will buy Bitcoin.

Early Bitcoin investor Max Keiser also said the same, joking that the 90-year old’s hearing has gone weak.

If Buffett undergoes a miraculous change of heart regarding Bitcoin, many will follow suit. While some do not think it is possible to happen, others like Williams and Keiser believe that he will. In fact, former Prudential Financial CEO George Ball — another popular Bitcoin detractor — renounced his previous beliefs, saying that Bitcoin is the best bet for wealthy investors and traders.

Ball admitted that he was a long-time cryptocurrency opponent before making such bold advice. He explained that the US dollar is going to have more problems in the future, and that Bitcoin and other similar currencies are the safer investment assets.

Japan Crypto Investors Flocking to Bitcoin

Meanwhile, Japanese cryptocurrency investors have been observed to invest heavily in Bitcoin. The report, written in Japanese, revealed that Bitcoin’s dominance in the country’s crypto market has soared to up to 87% earlier this year. Bitcoin spot trading in the country has also increased, proving that the prime cryptocurrency is becoming more and more popular.

One possible reason for the Japanese investors’ preference of Bitcoin is that it is widely accepted in the country. Thousands of stores accept Bitcoin for payment. Moreover, cryptocurrency firms are regulated by Japan’s Financial Services Agency (FSA).

At the moment, Bitcoin is facing a strong resistance at $12,000. It is currently trading hands at $11,905.18, according to CoinGecko. If it experiences a breakout soon, many experts predict it will have a meteoric rise in the coming months.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.