A record-breaking crypto rally born in the United States is leaving its mark on Asia, including a jump in the value of Bitcoin held by Bhutan to more than US$1 billion (S$1.34 billion) and a surge in digital asset trading volumes in South Korea.
The crypto market by some estimates has climbed over US$800 billion since Donald Trump's victory in the US election on Nov 5, on hopes that his pledge to turn the US into the global hub for the sector will spur a digital asset boom.
Asia is being impacted by the burst of optimism as a clutch of jurisdictions in the region are at the forefront of crypto adoption, whether for investment, hedging local currency weakness or cheaper and faster remittances.
In Bhutan, state investment arm Druk Holding & Investments has accumulated Bitcoin as a reward for running computer networks that help to underpin the token's digital ledger. These so-called Bitcoin mining operations are powered by the mountainous Himalayan kingdom's abundant hydroelectricity.
The value of Bhutan's Bitcoin hoard has risen over US$200 million to US$1.1 billion since the US vote, according to researcher Arkham Intelligence. That is equivalent to about 36 per cent of the country's gross domestic product.
This story is from the November 21, 2024 edition of The Straits Times.
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This story is from the November 21, 2024 edition of The Straits Times.
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