The price of a single bitcoin has just surpassed ¥1,000,000 (Japanese Yen).

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In April, Japan officially recognized bitcoin as a authorized currency driving the cryptocurrency to new all-time highs.

The classification as legal tender in Japan exempts bitcoin from an eight percent consumption tax.

It has been estimated that over 50 percent of all bitcoin trades worldwide are traded in Yen.

Former Chinese exchanges are relocating to Japan due to the nations advantageous regulations toward the technology.

For now, all eyes are on the west with the $10,000 price happening any time now.

At press time, bitcoin is trading at $9929.31 (2.59%).

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