Deutsche Bank's Masao Muraki notes that, for the most part, retail investors in leveraged FX trading fail to meet their profit goals, thus shifting their focus to "leveraged cryptocurrency trading."
Cryptocurrencies, especially bitcoin, have been on fire this year.
Muraki also said that "speculation in cryptocurrency is growing to a scale that cannot be ignored."
Japanese men may be the driving force of bitcoin's wild surge, a strategist at Deutsche Bank said Thursday.
Masao Muraki, a global financial strategist at Deutsche Bank, said retail investors who had been borrowing money to trade foreign currencies haven't been profiting on those trades and have shifted their focus to cryptocurrency trading on borrowed money instead.
"We think that retail investors are shifting from leveraged FX trading to leveraged cryptocurrency trading," Muraki said in a note. "This report shows that Japanese men in their 30s and 40s who are engaged in leveraged FX trading (or who used to trade but have stopped) are driving the cryptocurrency market."
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https://www.cnbc.com/2017/12/14/behind-bitcoins-wild-surge-japanese-men.html