Singapore Is The Cryptocurrency Capital Of The World

I monitor the cryptocurrency markets daily and became fascinated with how Southeast Asia was heavily influencing the deep corrections and spikes in cryptocurrency prices.

New York City is the financial capital of the world.

London is the forex (foreign exchange) capital of the world.

And what I discovered was Southeast Asia is the cryptocurrency capital of the world. As of late 2017 roughly 80% of the bitcoin trading volume and cryptocurrency demand came from Southeast Asia according to the Wall Street Journal. South Korea is responsible for almost 33% of all cryptocurrency trading and 5% of bitcoin’s global trading volume, despite representing just 1% of the world's population.

South Koreans spend billions of dollars each year on digital goods like avatars and digital gifts.

Combined with their love for gambling and speculation, along with their love for digital goods, buying cryptocurrencies instantly became a part of the culture. Despite the government's talk of banning cryptocurrencies, they are evening entertaining converting the Singapore dollar into a cryptocurrency.

In trading, you have what is called an ‘edge.’ An edge is something that a trader knows or uses, that gives them an advantage over the market or over other traders. When it comes to cryptocurrencies, one of several edges I have is to keep a close eye on what’s going and the events in Southeast Asia that’s going to cause massive price action in either direction.

What’s your edge, when it comes to trading / investing in cryptocurrencies?

This post is my personal opinion. I’m not a financial advisor. Do your own research before making investment decisions. By reading this post, you acknowledge and accept full responsibility of any gains or losses.