Asia Returns To Crypto Currency, Prepare for the Bull
It feels like yesterday that we sat and watched as Asia attacked Bitcoin and ushered in some of the most stringent regulations to shut down Bitcoin mining and alt coin trading. Some parts of Asia, namely China went as far as shutting down power plants that shifted from processing steel to mining Bitcoin.
The world watching in aww as warehouse upon warehouse filled with Bitcoin mining equipment was hunted down and shutdown. Many wear seized and crushed never to process a Bitcoin, or even a graphics detail as they had been intended to back before specialised mining equipment was developed and sold to the public.
Back than, China ranked as the #1 place to hold Bitcoin and much of the worlds digital assets were cheaply and freely traded. Then the battle for the new Crypto world emerged and we watched as Miami and Texas battled it out to become the home of crypto. Unfortunately Crypto has been moving all over the place over the past few years unable to find a full time home, especially with all the uncertainty surrounding what Crypto currency actually is.
Singapore the silent achiever
It was about two years ago where the China Crypto ban caused a swing to Singapore and although two years ago this news wasn't enough to prevent the mass exodus and market crash that occurred at the time. It appears to be finally beginning to bare fruit, or Bitcoins so to speak.
As we recently saw crypto once again being promoted on Chinese state owned and run television, the crypto on offer was being sold out of Singapore who have become a central trading spot for Asia crypto trading.
This has also driven Singapore to be the most competitive fintech hub in the Asia Pacific region with it's latest regulations in crypto currency topping the charts as one of the most crypto friendly nations.
Prior to Singapore, Hong Kong led the charge and it was being used as a safe haven for Chinese nationals who still wanted to retain their funds and not risk trouble with the CCP. For a while it did work and perhaps that is what is now causing the shift.
image source
Asia dominates Crypto
That latest chainalysis data is out and global crypto rankings have finally been released with China regaining ground in the 10th place however, despite falling in rankings it's neighboring countries have shot up with Vietnam taking first place followed by Philippines being Crypto leaders globally and uptake amongst locals being quite large.
Ukraine ranks relatively high also with the nation accepting crypto currency payments throughout the Russia Ukraine crisis raising much needed funds for aid and weapons. Russia to has also been utilising crypto currency in the fight against Ukraine and also possibly attempting to circumvent sanctions.
Overall the Asian Pacific region is climbing up the ranks rapidly when it comes to Crypto Currency adoption and use finding new ways to get around current and passed blockages.
When Bull Run?
The question on everyone's mind with the latest rankings and further adoption including wall st, is "When will the bull run get here?". I think this is a very open ended question and I do not think we are on the cusp of it yet and that it won't be something anyone can accurately pick.
If we check charts we can see a lot of people are accumulating Bitcoin and Ethereum and some smaller alts but it seems like everyone is buying up small orders here and there.
In relation to when the next bull run will actually occur, I don't think it will happen like that and instead we may all just be sitting here one day with charts going green. People will attempt to buy and sell through trades but I think the next bull run will possibly be different.
It will take off and shoot to a whole new level to never return because by that stage the sector will see mainstream banks enter and Asian Pacific leading nations battle the western banks for a hold of the Crypto market.
It will be the newest gold rush or oil rig on the market and for many of us, we will miss the run but for those who have been around for a long time. Congratulations. But don't take my advice, I could be totally wrong.
image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.