Bitcoin Has An Excellent Future in Asia

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bitcoin illustrationThe future of Bitcoin is brightest in Asia. Oron Barber, the managing director of CoinPoint, a cryptocurrency marketing agency, says that Bitcoin is rapidly integrating into financial markets across Asia.

Bitcoin Gets Into Daily Life in Asia

Barber says that the environment is more favorable in Asia, the home of around half the people in the world, than in any other country. He said: “Those days and as for 2016 forecast, it’s true that US and EU are getting more into the blockchain technologies, but Asia is on the top and it’s going to stay this way. The future of the Bitcoin in Asia is to penetrate into the daily life, be more accessible and easy to trade.”

CoinPoint, which offers several services and products related to bitcoin for those who want to integrate the cryptocurrency in their businesses, has signed several partnership deals in Asia. Barber says that CoinPoint’s clients in Asia are mostly trading platforms and local exchanges seeking more volume. The company’s Bitcoin clients, on the other hand, are trading, mining, or gambling companies planning to expand further in Asia.

He explained: “In our office in Manila, Philippines, we are able to guide them to the markets and help them find more customers, integrate into operating systems, and more. We are able to consult a few (companies) and help them build their strategy plans for the different markets.”

He feels that cryptocurrency has the potential to revolutionize the web commerce industry in Asia as people are showing greater willingness to try new things.

Mature Asian Markets

According to Barber, the Philippines, Indonesia, and China are more involved in integrating bitcoins into various businesses. These three markets are the most mature although the potential exists in all other Asian countries too.

Barber said that demand was highest from Australia, Singapore, Korea, and Hong Kong in Q4 of 2015. He said: “On our roadmap, we are looking deeper into more countries in the region and planning to expand soon. We’ll never abandon the EU and the US of course as we see these ones as important grounds for technologies.”

China is buying a large quality of digital currencies, including bitcoins. Early in October 2015, the Cyberspace Administration of China (CAC) claimed that the country is in the post-Bitcoin age. The yuan decline, uncertain economic conditions, and inflation are all responsible for China capturing 80% of the world’s bitcoin volume.

While the percentage of bitcoin use in Indonesia is just 1% of its total use all over the world, the people of Indonesia are very much interested in the crytocurrency. The Philippines exhibits the highest potential for bitcoin as it is home to several bitcoin startups, and the fourth biggest Asian market with regard to bitcoin penetration is Korea.

Need for Regulation

Considering the fact that bitcoins are being increasingly used, governments ought to realize their potential and create the proper atmosphere for their development. This would encourage bitcoin entrepreneurs in Asia to device better ways of incorporating the cryptocurrency into the Asian economy.

November 5, 2015: • No Comments

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