The following data compilation gives us an overview on why the bitcoin, blockchain and financial tech industry might have found its innovation sweetest spot in Asia.
[#1] Asia’s wealth creation capacity is on its way Up!:
–> Asia-Pacific is projected to hold one third of global wealth in 2019.
[#2] Population numbers present advantages when compared to other regions:
–> Asia represents 1/2 of the world’s population. Six of the top 10 countries in population size are Asian.
–> Most developing countries in Asia count with a great percentage of young population, seeing their spending waves peaking around the 2060/70s decades.
[#3] Bullish bitcoin adoption and industry development show signs of commitment and growth:
–> China registers 800,000 bitcoin users and concentrates 70% of global bitcoin trading volume
–> China holds 50% of the global mining power
–> 20 bitcoin companies are based in China. Among them, 3 of the world’s largest exchanges.
–> More than 80% of bitcoin transactions take place in Chinese Yuan.
–> Increasing investments in the bitcoin, blockchain & financial technology sectors will accelerate developments in the APAC region. Only in 2015, the fintech sector received $3.5 billion during the first three trimesters. Some of those companies are actively incorporating bitcoin and/or blockchain technology into their operations.
[#4] Governments starting to shape adequate environments while studying/evaluating best approach towards innovation adoption
Singapore prime minister and Chinese authorities have publicly recognized bitcoin and blockchain technology as a new reality and innovation landscape that represents a big opportunity to their country’s future development.
[#5] Internet accessibility still presenting challenges. Nevertheless, largest internet user bases are Asians:
–> Internet regional overview
–> China leads with 667+ million users having access to internet connectivity.
–> In december 2015, India scaled positions and now has the second largest internet user base. Mobile phones are user’s preferred browsing device.
–> Asia’s internet broadband and mobile speed. Some countries have performed considerable progress, while others are lagging behind.