Asia Shifts from Dollar to Digital Gold: Hong Kong Leads in Regulation

Digital assets are rapidly gaining popularity among investors worldwide, with Asia leading the way as wealthy individuals move away from traditional dollar-based portfolios.

According to the South China Morning Post, the situation regarding the adoption of digital assets is changing rapidly, especially as spot Bitcoin ETFs in the US now manage over $120 billion, led by BlackRock's iShares Bitcoin Trust (IBIT) with assets exceeding $65 billion.

The transaction volume in stablecoins is expected to reach $27 trillion in 2023, surpassing the combined annual volume of Visa and Mastercard. This growth highlights what some analysts call the “paradox of uncertainty”: digital assets have moved beyond their speculative roots and are now seen as tools for hedging and creating new financial infrastructure. “The appeal of digital gold is clear,” say analysts at Galaxy Digital, emphasizing Bitcoin's growing status as a means of digital savings.