Within the bitcoin (BTC) and crypto world, we have been talking for years about the big money that can flow into the industry at any moment. The entry of MicroStrategy in 2020 and the adoption of bitcoin by El Salvador in 2021 were good examples of this. It now appears that the adoption of bitcoin and crypto among the wealthy from Hong Kong and Singapore is also incredibly high.
58 percent own crypto
If we have a new research from KPMG and Aspen Digital, 58 percent of the wealthier population of Hong Kong and Singapore is already investing in crypto. That’s especially special, because the research took place in the middle of the bear market we’re still in right now.
Bitcoin has had a small rebound this week, but we are only just above the all-time high from the 2017 bull run. In that sense, we still have a long way to go before we can conclude that the market is back. completely on top.
The research states that regulatory uncertainty is currently the biggest obstacle for wealthy people to get into crypto. The main reason for investors from Hong Kong and Singapore to enter is the relatively high adoption rate among mainstream institutional investors.
It is striking that the research was conducted among a group of 30 so-called family offices and wealthy individuals from Hong Kong and Singapore. Not a huge group, but the numbers do not lie in terms of adoption in these countries.
92 percent interested in digital assets
While ‘only’ 58 percent of respondents indicate that they already have investments in the crypto sector, 92 percent indicate that they are interested in digital assets. “All respondents who indicate that they currently invest in the sector have bitcoin in their portfolio. Another 87 percent of these people have ethereum (ETH) in their hands,” the study said.
Furthermore, there seems to be a high level of interest in NFTs and the Metaverse. Those who are not interested in that see more future in digital currencies such as bitcoin, ether and stablecoins. They probably see stablecoins as a way to protect themselves against the inflation of their own fiat currency.
Another study showing that wealthy individuals and families are indeed targeting bitcoin and ethereum and may benefit from the relatively low prices. This won’t be enough to start a new bull market, but at least it won’t thwart it.
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