[2017-07-30]Are Asian Investors Going Short On Cryptocurrencies?

[TravelMug]

Are Asian Investors Going Short On Cryptocurrencies?

It’s no secret that Asian markets often dominate some of the largest fiat gateways to cryptocurrencies.

Korea’s Bithumb has the highest fiat/Bitcoin volumes, around $145 mln per day, while also taking first place for Ethereum and the Korean Won at just over $90 mln per day. Chinese Yen, on the other hand, is the largest fiat gateway to Litecoin.

However, when looking at managed portfolios and investment advice, Asian experts have some opposing views.

Not savvy on crypto
While clearly private users are gaining interest in crypto, some private banks in Asia seem to disagree.

Richard Jerram, the chief economist at Bank of Singapore says:

“They don’t have a space in high net worth portfolios. It’s not clear to me what they [cryptocurrencies] are. You can understand it as a means of transacting in an efficient fashion but it doesn’t seem to fit the necessary definition of being money or a financial asset.”

https://cointelegraph.com/news/are-asian-investors-going-short-on-cryptocurrencies

[CyberKuro]

Digital currencies such as bitcoin and ethereum as the most famous coins, always judged as 'bad' for banksters due to some disadvantages it has such as volatility and, He said : Their volatility, to begin with, speaks very much against them being a store of value. They are paradoxically very advanced from a technological point of view but extremely backward, stone-age like in terms of monetary system.
Stone age? Bitcoin is a better technology than bank systems who control so many debts, fiat currency has some weakness as well especially its value keep decreasing over time because of inflation, but not for bitcoin. Bitcoin just need more time to develop further and resolve some problems including volatility.

[iamTom123]

Why should be taking the opinion of this man who failed to appreciate the beauty of the blockchain technology because he is primarily biased against it? Right now, people from the banking industry are still confused on how to treat cryptocurrency and this is quite normal for something that came out of nowhere and is still relatively young.

Yes, we need more time for cryptocurrency to evolved and get accepted by the mainstream institutions. That can be coming soon and in the meantime we should not get distracted by so many conflicting news and pronouncements against and even for cryptocurrency.

[iram1011]

This is what we meant from Decentralised nature of Bitcoin. On one hand banks (centralised institution) are wary of Bitcoin. But on the other hand maximum demand of cryptocurrencies is from Asia. Banks in most of the Asian countries are warning people of Cryptocurrencies and suggesting them to not invest in it. But the outcome is completely opposite.

Soon the banks themselves will incorporate cryptocurrencies in their system as already have been started by a bank in Switzerland. Banks certainly can't ignore cryptocurrencies.