With the end of the year in sight, Asia Express looks back at some of the most significant developments for Bitcoin and cryptocurrency in the region in 2024.
MicroStrategy’s Bitcoin blueprint
MicroStrategy has become the poster child for Bitcoin, snapping up 439,000 BTC, according to BitcoinTreasuries.NET — around 2% of the entire supply.
Across Asia, Saylor’s Bitcoin blueprint has inspired several firms to bet their future on Bitcoin, with more expected to follow suit.
As Asia Express reported last week, Chinese selfie app developer Meitu invested in 31,000 ETH and 940 BTC in the spring of 2021 and sold it all from November on, earning it a tidy profit.
The title of “MicroStrategy of Asia” now appears to have passed to Japanese firm Metaplanet.
The company holds 1,142 BTC after adding 123 coins to its collection on Nov. 19. CEO Simon Gerovich claims Metaplanet is one of Asia’s largest corporate Bitcoin holders.
The MicroStrategy standard. (Simon Gerovich)
But if we are going on raw numbers, then Hong Kong-based gaming company Boyaa Interactive has quietly accumulated even more than the Japanese investor. In late November, Boyaa announced that it converted $49 million of its Ether holdings (14,200 ETH at the time) to 515 BTC, raising its stash to 3,183 BTC. Maybe it’s the real Asian MicroStrategy?
Other firms are getting into the act as well. SOS, a China-based blockchain and data services firm listed on Nasdaq, has pledged to purchase $50 million worth of Bitcoin, while publicly listed Indian firm Jetking Infotrain adopted a Bitcoin reserve strategy starting with 12 BTC.
Even governments are diving into the Bitcoin game. In September, Arkham Intelligence said that Bhutan, through its investment arm Druk Holdings, had amassed twice as much Bitcoin as El Salvador.
Though the Himalayan kingdom has cashed in on some of its Bitcoin since Arkham’s report, it still holds 11,688 BTC as of Dec. 19. Bhutanese officials reportedly confirmed that the country has been mining Bitcoin since…
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