As the world struggling with market turbulence, many people have seen cryptocurrencies as new potential investments, especially in Asian nations. Since last year, Asia investors have led the world in holding cryptos. From India’s rise in trading volume by 500% to one-third of South Korea’s population owning or getting paid in cryptocurrencies, it became clear that Asian are embracing these burgeoning financial instruments.
According to new research from Accenture, 52% of affluent Asian investors held digital assets – including cryptocurrencies, crypto assets, and crypto funds – in the first quarter of 2022.
The study shows that “digital assets represent 7% of surveyed investors’ portfolios — making it the fifth-largest asset class in Asia.”
It is expected that by the end of 2022, a further 21% of wealthy investors will pour their money into digital assets.
Accenture results were taken from 2 surveys involving 3,200 respondents from China, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore and Thailand, who could invest from $100,000 to more than $5 million. Investors in Indonesia and Thailand have the largest allocation to cryptos.
Rising crypto adoption in Asia
Cryptos have been making more mainstream in the Asian markets, with governments eyeing the industry and releasing a central bank-backed cryptocurrency (CBDC) to compete with other economies.
Chainalysis reported that East Asia accounted for 31% of all transactions made in 2020, and today is the largest crypto market.
Crypto exchange Gemini found in a survey that digital asset adoption skyrocketed in 2021, particularly in India and Hong Kong.
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