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So happy to see you here. Hope you enjoyed your stay in my safe but possibly stifling country haha.
Where in the world are you now?
I wrote about the Bitcoin situation in Singapore. Basically, Bitcoin is viewed as a speculative asset. There were several high-profile crypto scams, of which the collapse of FTX was one of them, and I’m afraid Bitcoin got lumped together with these shitcoins and crooked agencies. No room for nuanced discussions
Merry Christmas!
Thanks for the nice words. Am in Hong Kong now, still missing SG, haha! Hit me up if you ever come up here, can catch up for a drink.
Your blog is quite interesting, and to be honest (probably you already know this), the situation in HK is exactly the same. I got a more cynical take on this, which is, the banking industry (which is a major revenue generator and employer in both) got a massive choke hold on the regulators (basically, the political class) to perpetuate their role as the sole gatekeeper of capital allocation and savings. Regulators are happy to play ball because they see Bitcoin as much as a threat to their livelihood as to the banks. Hence...you get the status quo.
You see this in the US too, for similar reason, New York State is the on of the laggards in Bitcoin adoption, and more Bitcoin economies are growing in Arizona, Texas to Florida.
Makes sense. Singapore is very proactive in developing its CBDC.
Glad that SG has left imprints on your heart nevertheless!
Cool post man, reminds me of my Singapore days (lived there for 12 years), and good to see a Singaporean here finally.
I always wonder though, while being a global city, why bitcoin adoption in Singapore (tangible merchant level adoption, not ETF) is so abysmally low compared to developed nations.