Altcoins
Apple Partnership Rumor Sends Altcoin Crypto Market Up 20%
A whirlwind of speculation is currently surrounding the crypto asset JasmyCoin (JASMY), colloquially referred to as the “Bitcoin of Japan,” following a recent announcement from the Japanese Prime Minister’s Office. disclosed that a video conference between Prime Minister Kishida and Apple CEO Tim Cook confirmed that Japan’s My Number Card feature would be included in iPhones by next spring.
Cryptocurrency investors speculate on Apple collaboration
The news triggered a significant surge for JASMY, leading to a 20% increase in its market value over the past 24 hours, pushing its market cap to $1.4 billion and ranking it as the 67th largest cryptocurrency by market cap. The 24-hour trading volume of altcoins also jumped 400% to $570 million.
Although the My Number Card system, a personal identification framework of the Japanese government, is not officially linked to JasmyCoin, rumors have been circulating for a few months regarding a potential connection. Despite the lack of official confirmation, investors seem to be speculating about a connection, influenced by the broader interpretation of Japan’s digital strategy, which includes the promotion of cryptocurrency. Web3 Technologies such as blockchain and IoT, areas in which JasmyCoin is a major player.
JasmyCoin, founded in 2016 by former Sony executive Kazumasa Sato, aims to provide secure data transactions and storage for IoT devices. The cryptocurrency is said to be part of Japan’s broader approach to integrating advanced technologies into everyday life, including Metaverse and NFTs. “Jasmy’s mission is to facilitate the democratization of data through secure management and storage solutions, allowing individuals to maintain control over their personal information.
Speculations about JasmyCoin’s involvement in the My Number Card system seem to be further fueled by a false report shared on Binance Square, suggesting a direct integration of JASMY with the card functionality on iPhones. However, this claim has not been substantiated by any official source.
The Japanese government has been a proponent of adopting Web3 innovations as a strategy for economic growth, with the Prime Minister himself emphasizing the importance of digital transformations in recent public speeches. Blockchain technology in Japan has been a boon for JasmyCoin, with the government’s digital policy indirectly benefiting the cryptocurrency.
The recent surge in JASMY market activity demonstrates the volatile nature of cryptocurrency markets, where rumors and expectations can drive significant price movements. As it stands, while JasmyCoin is indirectly aligned with Japan’s digital ambitions, direct partnerships or integrations with government projects like the My Number Card have not been officially confirmed.
Since February 19, JASMY has gained approximately 380%. However, the altcoin is still down over 91% from its all-time high of $0.35 in October 2021. At press time, JASMY was trading at $0.03068.
Featured image created with DALL·E, chart by TradingView.com