Southeast Asia - Bitcoin's safe haven, good development trend?

In recent times, Bitcoin has been growing well, especially the basic block chain technology has also attracted everyone's attention. Venture capitalist John King believes that there are still many potential opportunities for Bitcoin in Southeast Asia.

At Coin Congress , King shared his thoughts on bitcoin companies.

Bitcoin’s Growth in Asia

Kim pointed out that Southeast Asia has a population of 618 million, mostly young people, more than 100 million more than Europe. In addition, the penetration rate of smartphones has also reached a certain scale, with Indonesia and the Philippines rising from 17.1 % in 2010 to 51.2 % in 2015 .

Remittances are one of the main reasons for the growth of Bitcoin in the region, and they are likely to continue to grow, as the transaction costs of Bitcoin are very low compared to credit or debit card transfers. Of the $ 500 billion international remittance market in the world, $ 250 billion is in Asia. China accounts for about $ 60 billion, India $ 50 billion, and the ASEAN group $ 50 billion.

In addition, a large part of the population in some underdeveloped countries still cannot enjoy banking services. For example, only 4% of the population in Cambodia deposits money in banks, 21 % in Vietnam, 27 % in Laos and the Philippines, and only 66 % in Malaysia .

Kim believes that Bitcoin has a chance to develop in Southeast Asia based on the fact that people need to store and transfer money. In addition, the country needs to solve the problem of income disparity, and Bitcoin may be one of the means to achieve these goals.