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- KPMG China and Aspen Digital had conducted a joint study.
- The study concluded that about 58% of family offices and high-net-worth individuals from Hong Kong and Singapore have contributed some of their money in crypto.
- 34% of the non-investors want to join the industry in the upcoming days.
In line with the survey, Bitcoin and Ethereum are very famous virtual currencies in family offices and HNWI established in Hong Kong and Singapore. Those users have also shown their enthusiasm towards non-fungible tokens and decentralized finance.
The chief executive officer of the Aspen Digital, Yang He stated that the interest towards NFTs has boomed since 2021, similarly the interest in Decentralized finance started in 2020.
After the massive negative macroeconomic events and the dominating bear market, the CEO anticipates that crypto will become more fascinating economical tools for investors from those specific countries than ever.
The Senior Banking Partner at KPMG China, Paul McSheaffrey has the same point of view. Going through the inflation and monetary crisis, a risen amount of consumers may assign a small part of their money in virtual currencies and expect for a potential price rise:
“For HNWIs and family offices, there is an actual chance of a big topside, so they may think twice, why not glue 2 or 3% of my envelope in that and wait for the result.”
In line with Arthur Hayes, Hong Kong’s membership in the crypto industry is the main and crucial factor that can set off the upcoming bull run. The country permits newly unveiled plans to sanction crypto retail trading and come up as a digital asset hub.
The executive of Singapore has reportedly taken some of their support back for the sector. In line with the Terra crash, they implemented harsh rules to avoid the same cases.
Several countries from different parts of the world have demonstrated their enthusiasm for Bitcoin and the alt coins in the last few months.
A report from Chainalysis
A survey conducted by Chainalysis reported that Vietnam, with a score of 1.000 is the leader in crypto adoption worldwide. The main reason for the country becoming the leader can be the fact that natives say that blockchain-based games are quite captivating.
After Vietnam, the position is held by Philippines. At the same time, Thailand and Indonesia maintain their position in the top 20.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
