Crypto market has already stepped out to the vastness even there is not a single person who doesn’t have any idea regarding crypto. The growth rate of Bitcoin is over 3000% within last 12 months. This enormous feat is so far achieved by such a virtual currency people hardly believe of it. The entire market capitalization of these assets is more than $500 billion.
Asia and Crypto
Being technologically and financially perfect Asia has become a part of the global crypto market. Regarding crypto the interest of people are also increasing at an alarming rate. Very recently 11 cryptocurrency exchanges were legalized by Japan’s Financial Services. Among them ‘’bitFlyer’’ has 80,000active users. Because of the cheap electricity rate China holds a major pool of the world’s cryptocurrency miners.
Significance of Asia for the growth of Crypto market
The growth of cryptocurrency is dreaming people about the future of cashless economy and Asia has adopted this system for being an integral part of global economy. Youth are adopting this mean as a result the market of crypto is becoming larger in Asia. Clickbait articles talking about a $100 investment in 2010 turning out to be a $10 million return in 2017 have indeed pulled masses towards the crypto market.
-China has become the largest exporters of Bitcoin in the world because of its cheap electricity rate. A year ago, China accounted for 90% of all bitcoin trades. It was prohibited to invest on crypto by the country’s government and but it didn’t hinder investors to sink into crypto. They invested with their own initiative which brought a revolutionary change in crypto market to the country.
-China is basically a socialist country where the anonymous currency is bound to be popular among people, making it-‘’the people’s champion.’’
-In many local retail shops of Japan cryptocurrencies are accepted as a payment. For the backing of Japan government the crypto market is bound to stay for long.
-South Korea hosts a dozen of Crypto Exchanges that trades in volume more than a Billion Dollar every day. The collective and unified way of South Koreas to trade in the market is the reason why the horse on which they bet, always wins.
Leading Economy of Asia for Bitcoin Market
The government of India about cryptocurrency trading is in a state of denial. The government doesn’t want to recognize cryptocurrency as legal currency. The general people of India are also in a state of confusion to whether make an overseas investment or not. But recently the idea of cashless economy once again started booming. Google analytics showed that searches related to ‘’Bitcoin’’ spiked the trending charts later that night of Demonetization.
-A large number of local exchanges has been built in India and the growth of crypto market is accelerating in the state. Zebpay is an exchange in India which has over 1.3 lakh users.
-Nearly 10% of world’s cryptocurrency started trading in India. In that month the volume of crypto trading touched at 500 crores . But more than $210,000,000worth Bitcoins were traded that year.
-Because of the raise of cheap and high quality ‘4G – JIO’ network in the Indian market, the scope of country’s population getting into the crypto market is promising. The Government of India and Reserve Bank of India strongly believe in cashless economy and are promoting it through their own e-Wallet applications and websites.