Why Bitcoin and NFTs attract the super-rich in Hong Kong
Bitcoin and non-fungible tokens are among the hottest trends in the crypto space today, and those with the means don’t mind shelling out large amounts of dough to invest in them.
On to Bitcoin…
Even when it is currently trading at a price that is 72% lower than its November 2021 all-time high, BTC still leads all cryptocurrencies in terms of market value with its 371.4 billion dollars.
Of course, no one in the crypto realm will ever forget when the maiden virtual currency registered a milestone in February 2021 after it reached a combined value of over $1 trillion.
Meanwhile, the NFT has market, at the end of September this year, had a market value of 11.3 billion dollars. This figure is expected to increase to $211.72 billion by 2030.
The unprecedented growth of these assets and the exponential speed at which they are expected to develop even more in the future are probably just some of the reasons why the wealthy in Asian nations such as Hong Kong and Singapore are taking an interest in both Bitcoin and NFT.
The elites take notice of Bitcoin & Co.
The volatility known to cause massive price dumps for cryptocurrencies like Bitcoin doesn’t seem to bother family offices (FOs) and high-net-worth individuals (HNWIs) based in Singapore and Hong Kong – two major financial districts that share the goal of become crypto juggernauts in Asia.
This, after a study conducted and published by KPMG China and Aspen Digital which showed that 92% of surveyed citizens in the two regions expressed interest in investing in cryptocurrencies.
Notably, 58% of the participating population said they have already invested in the asset class, while 34% plan to venture into the crypto space in the near future.
As expected, Bitcoin took home the trophy from the most popular digital assets race in both Singapore and Hong Kong, as 100% of investors said they buy it. Ethereum was a close second with a rating of 87%.
NFTs gained 60% when pegged to stablecoins. Decentralized Finance (DeFi) Tokens rounded out the top 5 with their 47% rating.
Singapore and Hong Kong as crypto hubs
Both of these territories have openly expressed their desire to be crypto hubs in the Asian region and are already working to make it happen.
Singapore, where 6% of the world crypto fund is held, according to a report from PwC from July 2022, has already given the go-ahead for the exchange platforms Coinbase and Blockchain.com to operate there.
This is in addition to DBS Group Holdings, the country’s largest bank, providing expanded access to crypto trading access for its 100,000 investors.
Hong Kong is, for its part home to some of the world’s best crypto-related platforms such as Huobi, Wirex, Bitmex and Coinmama.
With this, Asia will have more grounds to establish its dominance on the global stage so far crypto adoption is worried.
After all, according to a 2022 Global Crypto Adoption Index of Chainalysis, six of the top 10 countries in this category belong to the region: They are the Philippines (2), India (4th), Pakistan (6th), Thailand (8th) and China (10th).
BTC total market cap at $369 billion on the daily chart | Featured image from TheNextWeb, Chart: TradingView.com
