Japan and South Korea are world leaders in terms of interest in blockchain technology and Ethereum interest. This is according to research by the ConsenSys SEO Team which compared search interest for terms like “cryptocurrency” and “Bitcoin”.
Cryptocurrency has been around for more than a decade now. The evolution of the different sub-sectors ever since has been both fascinating and revealing of consumer trends. This is because of the political, economic and business implications of the developments.
What Informs This Interest in Various Countries?
The interest in respective domains is contingent on many issues relative to a particular country. For instance, Venezuela is a country in the middle of historic inflation the likes of which can only rival failed states. This means that the Bolivar, Venezuela’s currency is fast losing value. As such, Bitcoin naturally gains interest in such a place as an alternative store of value.
That said, Bitcoin interest in high in the USA as well. The surge in Bitcoin prices in perhaps a reason alongside Bitcoin’s potential as security. In terms of overall world interest, Brazil leads the world in terms of Bitcoin search. With these two jurisdictions, it is plausible that the Bitcoin ‘brand’ has a lot of sways. This means that most people get to understand blockchain after getting acquainted in matters Bitcoin.
The Case of Japan and South Korea
Japan and South Korea are anomalies in this regard. The fact that interest for blockchain and Ethereum is higher is telling of the market priorities. Most other countries have Bitcoin interest higher than blockchain and Ethereum respectively. Even in Canada, the birthplace of Ethereum, Bitcoin interest dominates.
No doubt, South Korea is the most tech-savvy nation in the world. As such, the economy and the tech sector is highly diversified. This is definitely the reason for the focus on blockchain, which is the tech part of the digital revolution. The same holds for Japan where the population is seemingly over Bitcoin hype and into the more dynamic blockchain, smart contracts, and Ethereum.
This is a logical progression the rest of the world should make in years to come. The capabilities of blockchain are unparalleled making it most exciting for developers in the long run.
Effect of Regulations on Bitcoin Interest
That said, there are certain events that can explain the waning Bitcoin interest in Japan, South Korea, and China. Evidently, this research did not capture the trends in China which would be an excellent case study for the effects of regulatory excesses on Bitcoin interest. China has recently banned Bitcoin trading in exchanges as well as ICOs.
The lack of this kind of regulation in markets like USA and Brazil perhaps fuels the higher interest. South Korea has also taken steps to regulate ICOs as the market distortion created became more apparent. Japan, on the other hand, is looking at legislation to prevent costly hacks in the cryptocurrency field.
These three countries place more emphasis on blockchain for the aforementioned reasons. As such, China, for example, is moving to make the blockchain field more attractive with an array of patent laws. Blockchain technology is the most consequential aspect of the crypto revolution. Japan and South Korea have led the world in a lot of technology trends in the past few decades. This is yet another win for them.