There has been tremendous potential for bitcoin growth these days, especially since the underlying blockchain technology has also been under the spotlight. For venture capitalist John Kim, there are still plenty of untapped opportunities for bitcoin growth in South East Asia.
Kim shared his thoughts on the potential for bitcoin companies to thrive in the region during his presentation at the Coin Congress conference. He was joined by other speakers such as Brock Pierce, an advisor for Coin Congress.
Bitcoin Growth in Asia
Kim pointed out that South East Asia is home to 618 million people, a mostly young population which is over a 100 million more when compared to Europe. In addition, smart phone penetration has been massive and is expected to go up by 17.1% recorded in 2010 to 51.2% in 2015 with Indonesia and Philippines, which had about 12% penetration, expected to hit over 50% by next year.
Money remittance is one of the major sources of bitcoin growth in the region, and this could continue to boom given the low transactions costs associated with bitcoin