According to a joint study performed by KPMG China and Aspen Digital, 58% of Hong Kong and Singaporean family offices and high-net-worth individuals (HNWIs) had dispersed some of their fortunes in cryptocurrencies. At the same time, 34% of non-investors plan to join the ecosystem soon.

Almost two-thirds of people are HODLers

According to the survey, bitcoin and ether are the two most popular digital currencies among Hong Kong and Singapore-based family offices and HNWIs. These customers have also shown a keen interest in non-fungible tokens (NFTs) and decentralized finance.

Despite its negative macroeconomic happenings and the ongoing bear market, the executive believes cryptocurrencies will become more appealing financial instruments for investors in those two countries.

Paul McSheaffrey, a Senior Banking Partner at KPMG China, concurs. In response to the inflation and monetary crisis, an increasing number of consumers may decide to invest a portion of their funds in virtual currencies and wait for a price increase.

According to Arthur Hayes, Hong Kong's entry into the crypto world is a critical factor that could spark the next bull run. The government revealed recently plans to legalize cryptocurrency retail trading and establish the country as a digital asset hub.

Singaporeans, on the other hand, have reduced their support for the sector. Following the Terra crash, strict rules were implemented to prevent similar incidents.

South East Asia's increase in adoption

Several countries in that region have expressed strong interest in bitcoin and alternative coins in recent months.

According to a Chainalysis survey, Vietnam is the global leader in crypto adoption, with a score of 1.000. One of the primary reasons for its leadership could be that locals find blockchain-based games very appealing. The Philippines is in second place, and Indonesia and Thailand are also in the top 20.

Why do you think more family offices are investing in cryptos? Drop your thoughts by sharing this article on social media.

Oct 30, 2022
Digital Lifestyle

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