Chinese Traders’ Will Significantly Influence the Next Cryptocurrency Wave- Here’s Why
Despite the barring of digital currency transactions in China, industry experts still maintain that Chinese investors have a significant influence on the global cryptocurrency sector, and are highly likely to initiate a major shakeup, colloquially known as the ‘fifth wave.’
Sun Zeyu, a senior official at Genesis Capital, is confident that virtual currencies will return high profits towards the end of 2018. Undoubtedly, investors will hope that prediction comes true because the price of digital assets has plummeted since the start of the year. According to Gao Kangdi from Metropolis VC, the fifth wave of the crypto industry may surpass the expectations of many.
Notably, both individuals concur that China has a pivotal role to play in the actualization of the next wave, although the Chinese government has an active ban on mining and trading digital money.
The Dominance Of Chinese Investors In The Asian Crypto Space
A significant majority of crypto experts back their projections on the enormous influx of capital into digital currency and blockchain projects in countries such as Singapore. Reportedly, most of these Singapore-based crypto and blockchain ventures are owned by Chinese magnates. Moreover, a sizeable portion of these enterprises have heavily invested in cryptocurrency tokens, and thus have a substantial influence on the crypto space.
Unlike other locations globally, the Singaporean government has a reasonably favorable stance on virtual currencies, making it an ideal location for the organization and conduction of ICOs. Furthermore, the Monetary Authority of Singapore (MAS) recently amended its by-laws, easing the process of establishing cryptocurrency trading platforms.
How Chinese Are Expanding Their Coverage
Seemingly, the ban on cryptocurrency trading China is not enough to deter Chinese crypto enthusiasts from following their passion. Across the Asian continent, several Chinese natives fled their country and had set up base in locations that permit transactions involving digital assets. Most recently, Wan Kuok-koi (Broken Tooth) has been working on the establishment of a blockchain-based project for Chinese migrants living in Cambodia. The project is a venture capital initiative that is driven by distributed ledger technology.
Broken Tooth is notoriously infamous for launching several blockchain startups outside China, primarily targeting fellow natives. Previously, he served as the boss of the 14K gang, as well as being a convict. Besides blockchain, Wan also uses his platforms to teach Chines traditions to citizens residing outside China.