It is so easy to have your beliefs and thus actions determined by your outside news sources.
Democrats in the USA blame the ‘stupidity’ of Republicans voters on the ‘biased’ reporting of Fox News and friends. The Republicans say the same thing about the Democrats and CNN and friends. The reality is that you are heavily influenced by the external sources you are exposed to whether they are news sources or comments of friends and family.
Like others in my crypto world, I read daily, from English language sources, news sites, and commentators — Coindesk out of New York, Cointelegraph out of Europe, Finance Magnates out of Isreal, Coingape, BraveNew Coin, and others.
On Youtube, I like Nuggets out of Australia and Datadash out of the USA. I also get a spray of information out of Twitter, Facebook and other sources. Very detailed and globally orientated.
One naturally gives a credibility ranking depending on the source. Coindesk is the most professional. Other internet magazines are focused on volume with little or no editorial checking as internet journalists with shallow experience or minimal analytical credibility tend to comment or pass on equally untested views.
However, this is not my point. If you read ‘English news’, You would think that the centre of the crypto universe was the USA and you could not be more wrong. Crypto may have been initially led by Americans and Canadians yet its core is Asia. Yes many of the top coins may have come from Europeans, yet Asians own the trading, adoption and its future.
The Asian market dominates crypto-coin trading, mining, and volumes.
Until 2017, crypto was Bitcoin. In 2016, 95% of all Bitcoin trading was in three Chinese exchanges. 95% of all Bitcoin mining was done by Chinese mining farms. Furthermore, 99% of mining tech came from Chinese suppliers like Bitmain. As a result of the outrageous margin trading offered by those three exchanges, the Chinese government banned the industry in December 2016.
Then the Japanese approved Bitcoin as a currency in February 2017, Koreans followed suit by driving the boom in Ethereum by May 2017, inadvertently creating the buzz that started the 2017 boom. This was fuelled by the ICO craze that was dominated by the Asian market.
Look at crypto today and 95% of the leading exchanges by volume are Asian. I estimate that 90% of all crypto-owners and interested parties are Asian.
Think about the use cases for crypto. It is Asia that dominates the global remittance market. They have the most unbanked. They are the markets where payments are through QR codes on social platforms like WeChat or Look. They have the fastest group segment of mass investors looking for new returns with undeveloped financial systems in terms of stock markets and funds. They also have an appetite for risk that trumps that of the West.
The world also has no idea how much the Western financial system enforces controls over the Asian economy. Raising money internationally means referencing back to the US dollar and Euro thus back to Wall Street and London, to their western banks, investors and stock exchanges. The newly sophisticated Asian markets are going to use crypto to break this control where Asian companies will raise capital through Asian banks in Asian financial centres in Asian currencies.
The catalyst for the next stage of this revolution will be the new Chinese crypto-yuan which will create a new reserve currency. Don’t forget the ‘Chinese’ businesspeople control the Indonesian, Malaysian, Singaporean, Thai, Cambodian, Taiwanese and Philippine economies. They are strong in Australia and New Zealand.
China is the largest trading partner in Korea, Japan, India and Africa.
I will continue by reading all information about the crypto space in English as it’s the only source on the hottest asset sector on the planet. However, remember the important developments are in Asia. Crypto is an Asian asset.