More than half of Family Offices surveyed in these 2 countries have invested in crypto

A joint study conducted by KPMG China and Aspen Digital estimated that 58% of family offices and high net worth individuals (HNWIs) in Hong Kong and Singapore have distributed some of their wealth in cryptocurrencies.

At the same time, 34% of non-investors intend to join the ecosystem in the near future.

Almost two-thirds are HODLers

The poll revealed that bitcoin and ether are the most popular digital currencies among family offices and HNWIs based in Hong Kong and Singapore.

These consumers have also shown significant interest in non-fungible tokens (NFTs) and decentralized finance (DeFi).

“NFTs have seen an explosion of interest since 2021, while interest in DeFi started in 2020 and remains interesting,” said Yang He – CEO of Aspen Digital.

Despite the negative macroeconomic events and the prevailing bear market, the executive expects cryptocurrencies to become even more intriguing financial instruments for investors in these two countries.

Paul McSheaffrey – Senior Banking Partner at KPMG China – agrees. In line with inflation and the currency crisis, an increased number of consumers might allocate a small portion of their money in digital currencies and wait for a possible price increase:

“For HNWIs and family offices, there’s a real possibility of a big upside, so they can think, why not spend 2 or 3% of my portfolio on it and see what happens.”

According Arthur Hayes, Hong Kong’s participation in the crypto world is a key factor that could trigger the next bull run. National authorities have recently revealed plans to legalize cryptocurrency retail and emerge as a digital asset hub.

Hong Kong. Photo by bady abbas on Unsplash.

Singapore officials, on the other hand, withdrew some of their support for the sector. Next Terra’s accidentthey applied strict rules to avoid similar cases.

Crypto adoption on the rise in Southeast Asia

Many countries in this part of the world have shown great interest in bitcoin and alternative coins over the past few months.

A Chainalysis survey discovered that Vietnam, with a score of 1,000, is the world leader in crypto adoption. One of the main reasons for his leadership could be the fact that locals find blockchain-based games quite intriguing.

The second position belongs to the Philippines, while Thailand and Indonesia are also among the top 20.


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