Policy easing is imminent. Should we enter the market now? Takafumi Horie and SBI President Tomohiro Kondo are having a heated discussion about the current state of the crypto market in Japan.

Tokyo Report: This month's cover story of Japan's renowned financial media, Toyo Keizai, is titled "Now is the Time to Understand Gold and Crypto Assets," which deeply analyzes the history and characteristics of Bitcoin and gold, attracting significant reader attention. At the same time, several industry experts point out that the Japanese government is considering relaxing related policies and tax systems for crypto assets, injecting new development momentum into Japan's cryptocurrency market.

The famous internet celebrity Takafumi Horie ( hosted a YouTube channel that invited SBI Holdings President Tomohiro Kondo and Japan Virtual Currency Exchange Association (JVCEA) Chairman Genki Oka to discuss the current state and future prospects of the Japanese crypto assets market. Takafumi Horie founded Livedoor and is a well-known internet entrepreneur and investor, nicknamed Horiemon because he resembles Doraemon. His channel is also called Horiemon. Below are the key points from this discussion. Pure market observation, not investment advice.

The Japanese lack investment willingness, not because they are afraid of paying taxes, but because they do not understand.

According to a poll conducted by the official account of Livedoor News X in February 2025, the primary reason Japanese people do not invest in crypto assets is not the widely held belief of "fear of taxation," but rather uncertainty about whether they can make a profit (57.1%), lack of understanding of how it works (52.4%), and not knowing which coin to buy (47.6%). This highlights insufficient knowledge of blockchain finance and the inability to access information as the main barriers, which differs from the common perception that Japanese people avoid investing in crypto assets due to fear of taxation.

In fact, as of the end of November 2024, Japan has more than 11.81 million Crypto Assets accounts, with total deposits nearing 4.5 trillion yen, indicating that Crypto Assets have already moved from a niche market to the mainstream. ) Source: ©2025 Japan Crypto Assets Exchange Association (

Bitcoin: From Underground Trend to "Digital Gold"

Takafumi Horie stated that he started investing in Bitcoin in 2013, at a time when the public generally viewed Bitcoin as a risky and crime-related speculative tool. However, today's Crypto Assets have evolved into decentralized, mathematically verifiable technologies, fundamentally based on blockchain and encryption, enabling peer-to-peer transactions without intermediaries.

He pointed out that Bitcoin is like an "invention" rather than just a currency. Its value no longer relies on national endorsement, but is built on transparency, decentralization, and supply and demand. Bitcoin is similar to gold in that it has scarcity, with a total supply cap of 21 million coins. It has now gained consensus in the global financial market and is dubbed digital gold, as more and more institutions and countries incorporate it into their asset allocation.

The potential of the second-generation Crypto Assets Ethereum

In addition to Bitcoin, Kondo and Oka also discussed the technical breakthroughs of Ethereum. Ethereum not only carries transaction functions but also further realizes the concept of smart contracts, allowing for automated execution and programmable uses such as regular rent payments.

The Japanese market has great potential, and institutional reform is key.

Currently, one in ten people in Japan has a Crypto Assets account, indicating that there is still significant room for growth in its penetration rate. Chairman Koaka pointed out that if Japan could relax regulations similar to markets like the United States, the market is expected to reach three times the size of that in the United States.

One of the biggest obstacles in current policy is Japan's existing "comprehensive taxation" system applied to Crypto Assets, with a tax rate of up to 55%, which severely compresses the profit margins for investors, leading many high-net-worth individuals to choose to trade overseas. Experts are calling on the government to quickly reform the tax system, treating Crypto Assets as financial products and adopting a separate taxation system to attract more domestic and foreign capital into the Japanese market.

Kondou emphasized that if the policy is loosened, it will not only attract capital to flow back, but also attract talent and innovative industries to establish in Japan, which will greatly benefit the revitalization of the economy.

Will Bitcoin halving and the Trump effect drive up Bitcoin prices?

Bitcoin underwent its latest halving in 2024, meaning the rate at which new Bitcoins are generated has been cut in half, leading to a decrease in supply and further boosting market expectations for price increases. Past experiences have shown that Bitcoin's price usually sees significant growth within a year after a halving.

In addition, Horie also mentioned the impact of political trends in the United States, such as Trump publicly supporting Crypto Assets and Bitcoin, which promotes the entry of related enterprises and funds, further enhancing Bitcoin's recognition internationally.

Bitcoin and Ethereum are the top choices for beginners.

Facing the fact that many newcomers are still unfamiliar with Crypto Assets, Horie and experts believe that one can start with Bitcoin and Ethereum. These two major coins have stable market values and high liquidity, making them a relatively safe entry choice.

Crypto Assets have gradually transitioned from a fringe technology to mainstream assets. Takafumi Horie believes that it's not too late to start now; this is an emerging currency movement.

This article discusses the impending deregulation policy and whether now is the time to enter the market? Takafumi Horie and SBI President Tomohiro Kondo passionately discuss the current state of the Japanese Crypto Assets market. Originally appeared in Chain News ABMedia.