The Rise of Crypto in Asia: What You Need to Know

58.6 million new crypto owners in just a year.

Author

Daniel Akpobare
September 23, 2024

GM Explorer,

Can you guess who’s leading the charge in global crypto adoption?

Well, we’ve got the answer! Stick with us and get ready to be wowed by what you’re about to discover!

Here’s what we got for you today:

  • 📈 Asia’s unstoppable rise in the crypto world!

  • 🤯 15-year-old Bitcoin wallets suddenly awake!

  • 🧱 Around The Block: BlackRock CEO backs Bitcoin as a key investment for economic uncertainty.

📈 Asia’s Unstoppable Rise in the Crypto World!

Did you know Asia is at the forefront of the global crypto boom?

According to a recent report by Triple.A, the continent has welcomed a staggering 58.6 million new crypto owners in just a year, bringing the total to over 326.8 million.

Folks! That’s about 58% of the world’s 562 million crypto enthusiasts!

But guess who’s really leading the charge in that region?

It’s the UAE — They top the list with a crypto ownership rate of 25.3%.

Closely followed by Singapore at 24.4%, Thailand and Vietnam aren’t far behind with 17.6% and 17.4% respectively.

But when we zoom in on Eastern Asia, we find that the real action is taking place there.

Between July 2023 and June 2024, this region accounted for nearly 9% of the global crypto value received, raking in over $400 billion!

And get this: Centralized exchanges are crucial players here (they handle about 65% of the region’s transactions).

Hong Kong, in particular, has experienced the most significant and remarkable surge in East Asia.

Despite the crackdown on crypto in Mainland China, Hong Kong still managed to thrive; in fact, it’s jumped from 47th to 30th in the Global Cryptocurrency Adoption Index.

The city's crypto transaction value skyrocketed by 86% year-over-year, and you know what? It's mostly thanks to the government’s proactive stance on regulations.

Since launching policy support for digital assets in 2022 and introducing licensing for exchanges in mid-2023, Hong Kong has positioned itself as a crypto-friendly hub.

They’ve even rolled out exchange-traded funds directly investing in cryptocurrency tokens!

Meanwhile, South Korea is making waves of its own.

The country saw over $130 billion in crypto transaction value during the same period.

It’s clear that the growing disinterest and mistrust in traditional currency systems has led many to embrace crypto, especially as major companies like Samsung start to leverage blockchain technology in their operations.

In summary, Asia isn’t just part of the crypto conversation; it’s leading the way in ownership, transaction value, and innovation!

Want to find out more? Check here!

🤯 15-Year-Old Bitcoin Wallets Suddenly Awake!

Five Bitcoin wallets dormant since 2009 have suddenly come to life, moving 250 BTC—now valued at over $15.9 million!

These wallets are linked to early Bitcoin miners, and each received 50 BTC in January or February 2009, just months after Bitcoin’s launch.

Bitcoin was worth less than $0.01 back then, but now, in 2024, Bitcoin is trading at around $63,872.58.

This means these early miners have seen an eye-popping profit of over 8,000,000,000%.

Why does this matter?

These old wallets popping up here and there cannot be isolated incidents.

It most likely suggests that early Bitcoin miners, who mined coins when they were virtually worthless, are still active players in the market, moving large sums.

And those large movements can signal upcoming market shifts, or they could simply be early adopters capitalizing on their long-held assets.

Either way, it’s a reminder of Bitcoin’s long-term potential and the cryptocurrency market's volatility.

So, it's best to keep a close eye on these whale moves for now—they could be the key to understanding future market trends.

🧱 Around The Block

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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