Bitcoin has been proven over the last few months to be a high performing financial asset and is thus gaining increasing popularity as an option for investors in Asia. Indeed, in less than one quarter Bitcoin value has doubled. Likewise altcoin is doing well. In a recent Financial Times article Richard Walters wrote that “alt-coins are the simplest of tech companies.” All they do is release a very small piece of code. The idea is for them to develop “cryptographically secure ways to enable transactions between parties that have no other contact or way of authenticating each other online.”
In other words, there is movement toward the entire industry of cryptocurrencies which is proving time and again to be a trusted financially-performing asset with an oft-better opportunity than conventional investment options. Evidently in Asia, investors are putting money into these opportunities. This is especially true in Korea and Japan, with financiers choosing these investment markets over others. Over in Malaysia too, investors are dipping their ink in the same pot with Luno’s (a Bitcoin startup) connection with the Bank Negara Malaysia. Indeed, according to Luno Countries Associate, Mriganka Pattnaik, the bank has been successful in really starting to learn more about the Bitcoin industry and scan prevention. He added that:
“With regards to policy, (regulating bitcoin is) not a very easy thing to do. I can’t comment on when or how BNM will regulate the industry, but they are always in touch with us about this and we are more than happy to provide them with input.”
Meanwhile, Ripple – a Blockchain startup that crated a digital payments network for RTF transactions – owns a staggering 61 percent (worth approximately $16 bn) of Ripple XRP (the fastest and most scaleable digital asset). Just last month the company signed up 10 new financial institutions, illustrating it is here to stay in the cryptocurrency Asian market.