Singapore Warning As Asian Youngsters Flock To Bitcoin Again

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Back in 2017-2018, the Bitcoin ICO bull run was totally of another caliber in Asia than it was over here in Europe. At a certain point, about one third of South-Korean millennials was invested in the most famous cryptocurrency and many of them held a stake in a few other altcoins as well.

At the time, the South Korean president warned about the volatility of Bitcoin just before the ICO bull run came crashing down.

2020’s Tesla and Bitcoin

This time round, the interest in the US and Europe for Bitcoin has risen to such a level that both Tesla and Bitcoin topped the US’s most popular investment for many months in 2020. Over in Europe, crypto sites are being created on an almost daily basis.

As Bitcoin is also attracting institutional investment and the price rises month on month, the warnings are once again being sounded loud and clear in Asia.

In fact, this time round, they need to included the continent of Oceania as well.

Back in January, it appeared that:

A survey of more than 1000 Australians in January by financial comparison website Finder found 25 per cent own cryptocurrencies or plan to invest by the end of the year. That is equivalent to 4.8 million people.

Singapore warning

Over in rich Asian economies like South Korea, Taiwan and Singapore, the picture is similar, with many youngsters investing in crypto in ever larger numbers.

Fearing a bubble and subsequent crash of the Bitcoin price (as happened in 2018), the Singapore market regulator stated:

Cryptocurrencies can be highly volatile, as their value is typically not related to any economic fundamentals.

Tharman Shanmugaratnam, the chairman of the Monetary Authority of Singapore, said:

They are hence highly risky as investment products, and certainly not suitable for retail investors.

The warning came only days after scammers launched a fake token baring the name likeness and social media profile of the Singaporean Prime Minister Loong.

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