by BERNAMA / pic by BLOOMBERG
KUALA LUMPUR – Malaysian investors are more confident in the idea of using cryptocurrencies such as Bitcoin as a viable method in attaining long-term wealth creation and preservation, said digital asset exchange operator Luno Malaysia.
Country manager Aaron Tang said cryptocurrency is a technology that inspires people to change their way of using money as Bitcoin’s technology is open, transparent and has the potential to improve the global financial system.
“It makes money more useful and helps to keep its value, providing a hedge against rising inflation and currency devaluation,” he said in a statement today. “It is also considered by many to be the payment system of the future and such factors have helped support Bitcoin as a viable alternative investment vehicle that the everyday retail investors can easily gain access to.”
Tang said a study in August 2021 showed that 62 per cent of current investors stated that they would consider investing in alternative assets like cryptocurrencies as a way to diversify their portfolios.
Furthermore, 37 per cent of 1,015 respondents were of the view that the ability to utilise cryptocurrencies for long-term investment purposes was an interesting feature worth considering.
“On a similar note, 40 per cent of respondents stated that using cryptocurrencies as an alternative store of value was an attractive feature as well,” he added.
According to Tang, from a technological standpoint, Bitcoin has yet to reach anything like mass adoption although it is certainly getting there.
“It is hard to predict the future, but in the past year, we have seen cryptocurrency adoption mature, and people’s desire to understand and get involved in it keeps growing.
“Ultimately, cryptocurrency is just getting started and we look forward to the benefits it could potentially bring to the modern financial system,” said Tang.
Luno is headquartered in London with regional hubs in Malaysia, Singapore, and Cape Town.