A record-breaking surge in Bitcoin, fueled by optimism surrounding Donald Trump’s election victory, is reshaping the cryptocurrency landscape in Asia. Bitcoin soared to an all-time high of $94,000 on November 19, driving the global crypto market to a valuation increase of over $800 billion since November 5. Trump’s commitment to making the United States a hub for digital assets has spurred a wave of investment and trading across the Asia-Pacific region.
Bhutan’s Billion-Dollar Bitcoin Holdings
In Bhutan, state investment arm Druk Holding & Investments has capitalized on the nation’s abundant hydroelectric resources to mine Bitcoin since 2019. The value of Bhutan’s Bitcoin reserves has surged by over $200 million, reaching an estimated $1.1 billion, equivalent to 36% of the country’s GDP, according to Arkham Intelligence.
While CEO Ujjwal Deep Dahal of Druk Holding & Investments refrained from confirming specific figures, he emphasized the strategic importance of Bitcoin mining for the company’s diversification efforts.
South Korea’s Trading Boom
South Korea has also felt the impact of the crypto rally, with a notable increase in trading activity. Local exchange Upbit saw its share of global crypto trading rise from 2% to 4.3% between November 5 and 10. South Korean investors are particularly drawn to smaller, riskier tokens rather than focusing solely on Bitcoin.
David Rogers, regional CEO of market maker B2C2, observed, “Asian exchanges are going to see a big benefit from Trump and his pro-crypto policies.”
Expanding Crypto Activity Across Asia
Elsewhere in Asia, Singapore and Hong Kong continue to position themselves as digital asset hubs. Hong Kong-based One Satoshi, which offers over-the-counter crypto-to-cash conversions, has experienced a significant uptick in business.
“Because of the growth we are seeing, and because we believe the rally will continue, we’re expanding our business,” said co-founder Roger Li.
Singapore has also seen the price of Cronos, the utility token of Crypto.com, double since the US election. Additionally, education software company Genius Group, headquartered in Singapore, briefly saw its US-listed shares skyrocket 138% after announcing a Bitcoin-focused reserve strategy.
Optimism Overshadows Past Setbacks
While the crypto industry faced a major downturn in 2022, including high-profile collapses like FTX, the current rally has eclipsed those concerns. Bitcoin’s meteoric rise has even inspired Japanese firms like Metaplanet and Tokyo-based Monex Group to embrace crypto-centric strategies, with the latter planning to list its crypto exchange Coincheck in the US this December.
Caroline Bowler, CEO of BTC Markets, remarked, “If this bull market plays out like 2021, we could see some significant volumes flow to altcoins while Bitcoin’s price slows.”
As Trump’s pro-crypto agenda fuels optimism, Asia stands poised to benefit from the ripple effects of this unprecedented digital asset rally.
