Asia’s Cryptocurrency Surge: Unstoppable Force

The Asia-Pacific region is growing rapidly in the crypto economy. Nations like India, Vietnam, the Philippines, Indonesia, Pakistan, and Thailand are highly interested in cryptocurrency. Chainalysis' 2023 Global Crypto Adoption Index ranks these countries among the world's top ten for crypto adoption. In fact, data from Chainalysis also shows that Central & Southern Asia and Oceania (CSAO) are key regions for crypto adoption, with India leading in transaction volume compared to the USA.

The region's influence on the global crypto market remains unmistakable, with forecasts projecting a monumental market volume of €10.15 billion by 2028.

In particular, the banking cryptocurrency XRP has captured the interest of Japanese investors, and has become the second most popular cryptocurrency in the country.

Hong Kong emerges as a standout crypto hub, attracting substantial activity, especially in the over-the-counter (OTC) market. OTC trading refers to the direct buying and selling of digital assets between parties, bypassing traditional exchanges. I suspect people are choosing OTC markets to access unique digital assets.

In 2020, China led global Bitcoin mining and had a thriving crypto market. But in 2021, the government cracked down, declaring most crypto activities illegal. Now I hear rumors that China may be softening its stance on crypto, and Hong Kong could play a role in testing new policies.

What’s more?

I am sure you have heard of the Bitcoin spot ETFs in the USA and I hope you have enjoyed the ride upward in price since their inception. Now I hear that 22 new Bitcoin Spot ETFs are coming to Hong Kong… This will surely increase liquidity and the accessibility for institutions and retail investors in the region and benefit the price of Bitcoin. Glorious days for Bitcoin.

But I hear something and see something different. “We need clear regulations before Asia is completely taking over…” says the US based crypto community. But I see a bigger picture.

Over 1 billion Asians can't access regular banking, meaning no bank accounts, fewer job options, and less involvement in the economy. This is a big issue in countries like Indonesia, where 66% of people don't have bank accounts.

So, what I'm really seeing here is a hopeful global change unfolding in the fourth industrial revolution. Non-democratic countries are being affected by the notion of increased financial equality, and increased access to banking for people. Blockchain technology has the power to empower individuals with more freedom. Oppressive regimes will continue to fight crypto, but the dispersed global network of blockchain technology and their services are clearly difficult to stop and changing society. That’s why it’s called a revolution.