Analyst Willy Woo: Japan's classification of Bitcoin as a financial product will stimulate buying

Regarding "Japan will classify Bitcoin as a financial product this year," crypto analyst Willy Woo commented, "The Japanese will be more motivated to buy Bitcoin. Classifying Bitcoin as a financial product means that the tax rate on Bitcoin gains (or transactions) will be 20%, rather than the marginal income tax rate (which is 43-55% if annual income exceeds $57,000). Metaplanet will lose its tax arbitrage advantage compared to self-custodied Bitcoin. About 110 cryptocurrencies are also included, with staking rewards taxed at the marginal tax rate."