Cryptocurrencies

On bitFlyer Japan, Bitcoin Rewards Program Hits New Record

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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. 

  • 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

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