Bitcoin is surging in Japan in regards to popularity and trade volume, since the country legitimized the digital currency as a legal form of payment this past April. Now one of Japan’s largest discount airline providers Peach Aviation Ltd. has announced it will be the first Japanese service to accept bitcoin for airline tickets.
Japanese Airline Service Peach Aviation Will Soon be Accepting Bitcoin for Flights
Headquartered in Osaka Japan, Peach Aviation is a well known Japanese air carrier service offering low-cost air travel since 2011. The company stated that bitcoin will be accepted for flights and services at some point towards the end of 2017. Peach said the recent law change regarding the digital currency had bolstered the business move. According to reports Peach also plans to introduce bitcoin to other partner companies and local governments.
“We want to encourage visitors from overseas, and the revitalization of Japan’s regions,” Shinichi Inoue, the founder and CEO of Peach explained. “This is a real first step in partnerships for Japan, and we are aiming for more company and service tie-ups.”
Bitcoin Fever Takes Hold in Japan
The news of Peach Aviation accepting bitcoin follows other merchants in the region accepting bitcoin like the company Bic Camera. Furthermore, the announcement comes at a time where Japanese bitcoin trade volumes and price spreads have been through the roof.
According to Charles Hayter of the bitcoin data and analysis website Cryptocompare at the moment in Japan, “USD-BTC markets are trading at $2100 whilst the JPY-BTC pair is trading at the equivalent of $2500.” Over the course of the past 32 hours, the decentralized currency has been trading at a 19 percent premium, and Hayter says it is due to “Bitcoin fever taking hold.”
The country has taken the spotlight in overall global BTC volume as Japanese volumes are 42-50% of trading with 132k BTC volume or $300 million per day, explains the Cryptocompare founder. Hayter describes the current trading environment in Japan stating;
The Japanese have caught the Bitcoin bug and inefficiencies across markets are being exposed. Irrational exuberance is taking hold as the Japanese stumble over each other to enter the Bitcoin market and drag up international prices.
Now Bitcoin Enthusiasts Can Fly to 22 Destinations Across Asia Using Bitcoin
The Japanese Peach Aviation will join other global airline services that accept bitcoin for flight tickets like the Latvian airline, Airbaltic, LOT Polish Airlines, and more. Alongside this, bitcoin businesses like Coincheck and Bitflyer aim to sign up thousands more Japanese merchants this summer. As bitcoin fever takes hold in the country, Japanese residents from the region and international travelers will be pleased to know they can fly to over 22 destinations across Asia utilizing bitcoin as a form of payment.
What do you think about Peach Aviation accepting bitcoin? What is your opinion about the Bitcoin fever taking place in Japan? Let us know what you think in the comments below.
Images via Bitcoin.com, Peach Aviation’s websites, and Cryptocompare.