Major Use Of Bitcoin In Southeast Asia Is Speculative Investment
The Bitcoin has gained traction in the Southeast Asia because the investors in the region are looking the digital currency as a perfect investment opportunity. The Bitcoin Indonesia and Luno are looking this growth with a great interest.
Luno is headquartered in Singapore and allowing the customers to shop, sell and store the digital currency. It is operating in many countries across the globe that consist of South Africa, Nigeria, and the United Kingdom. Luno has operations in Malaysia which is one of the largest markets in the Southeast Asia. Also, the activity in Indonesia is growing in a consistent manner.
According to the Head of Asia Pacific at Luno, Bitcoin has slowly gained mainstream adoption in the Southeast Asia and we are taking this opportunity to track it in terms of transaction volumes, signups etc.
Traders is attracted by the volatility of the price. Over the past some years, the people who have bought the bitcoin are very happy with its performance and price.
Some new trends are starting to emerge and he also notes the growing use of Bitcoin as a payment method. After the penetration of the credit card is low in the emerging markets, the cross-border e-commerce is one of the well-known use cases. Ayyar also says that the use of bitcoin has avoided the full issue of the charge-backs for a merchant.
The institutional interest has been on the increase is also mentioned by Ayyar with high net worth individuals and private funds who looks for allocating a percentage of their funds to the asset class. Over the coming months and years, he is expected to watch this trend.
The growing appetite of the public for the digital currency are also witnessed by the Bali-based Bitcoin Indonesia. The daily transaction volume of the exchange platform has reached to $ 1.48 million. It serves more than 200,000 users today, which is up from 80,000 at the finish of 2015.