East Asia has emerged as the hottest region for the crypto space, where most of the activities are taking place. Be it crypto adoption, or crypto start-ups; the Eastern World has been more accommodating for the digital economy.
Muneeb Ali, one of the biggest influencers of crypto markets, who is also the co-founder of decentralized computing platform Blockstack, was recently in East Asia and is pretty impressed. He tweeted that he had spent 10 days in the region; he thinks that it is the most important market for cryptocurrencies.
After 10 days in East Asia, main lesson: it’s the most imp market for crypto.
— muneeb.btc (@muneeb) May 6, 2019
He further stated that countries like Korea have great potential for the growth of cryptocurrencies, as most people have a crypto wallet. Ali believes that Asians are more open to newer technologies.
Countries like Korea have a large penetration for crypto wallets (majority of population has wallets).
Asian users seem more open to new, cutting-edge tech in general.
— muneeb.btc (@muneeb) May 6, 2019
The East Asian giant, China, Japan, South Korea, and Taiwan, are among the top destinations for crypto start-ups. Japan has been the house for industry leaders like Binance, which speaks volumes about the region. Moreover, Seoul has witnessed a crypto boom, as most of the population is some way or the other involved in crypto trade.
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The world’s second-largest economy, China, though, stands in contrast with Ali’s views. The country, which is probably the biggest consumer market for any technology, has been quite resistant to cryptocurrencies. The government has time and again imposed bans and restrictions on crypto companies. However, surveys have shown that despite the bans, demand for digital tokens, especially Bitcoins, is on the rise in China.
East Asia has been a technology haven post Second World War. You have the biggest names of the tech world emerging from the region, and crypto space is no different. People here are more tech-savvy, China is the biggest consumer gadgets, Japan makes the best bikes, cars, and cameras, and South Korea makes the best smartphones.
To understand crypto and accept it, a user must be technically aware, if not an expert, at least. What this means is that users must know something about the markets, the functioning, the business model and uses.
As per a survey conducted earlier this year in the United Kingdom, over 70% of the respondents knew almost nothing about cryptocurrencies or blockchain in general. Few of them had heard about Bitcoin, but new next to nothing about it.
Another reason for East Asia is an important market for cryptocurrencies, feels Muneeb Ali, is that major tech companies like Samsung have already poured huge investments in research and development in the sector.
East Asia is a larger crypto capital market. Big tech companies already doing serious R&D and product integrations: Samsung wallet etc.
— muneeb.btc (@muneeb) May 6, 2019
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Major crypto companies from East Asia include Binance Exchange, TRON, SBI Virtual, MoneyTap, BitTrade, NexFinance, Hyperledger, etc.
