Number go up in Singapore

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Whenever cryptocurrency assets make big waves in the media, it’s hard not to get caught up in the hype.

When NFTs entered the public consciousness a few years ago, a few colleagues and I invested in a token that seemed pretty promising. We would check its price over drinks after work and jokingly (mostly) discuss what color of Lamborghini each of us would buy with our earnings.

Predictably, we had bought the coin at its high point, and soon our investment was worth next to nothing. Luckily, I hadn’t invested heavily, but I did at least learn a lesson: I’m not a professional investor.

Since then, I’ve largely stayed away from crypto, even though the market has surged in the past year, with bitcoin leading the way.

That surge has encouraged hordes of new retail investors to invest in bitcoin, including those in Singapore. Today’s featured story dives into why warnings from financial authorities don’t seem to be discouraging anyone.

Today we look at:

• Bitcoin’s boom in Singapore despite MAS warnings
• Biotech firm Mirxes’ recent US$40 million funding
• Other newsy highlights such as PropertyGuru CEO’s resignation and EV company Ather Energy’s target valuation of US$2.4 billion in IPO

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Singapore’s bitcoin bonanza

Image credit: Timmy Loen

The year 2024 was a big one for crypto, with factors like Donald Trump’s reelection and the introduction of exchange-traded funds (ETFs) doubling bitcoin’s price.

Singaporeans have also caught the bitcoin bug in a big way, despite warnings from financial authorities in the city-state.

• Trades galore: Bitcoin ETFs took off in Singapore last year, with trading volume up 200% in November compared to October, according to Gavin Chia, CEO of investment platform Moomoo. There was also a massive surge in retail investors using platforms like Coinhako.
• Careful now: In January 2024, the Monetary Authority of Singapore (MAS) warned about crypto trading being highly volatile and speculative, even describing such transactions as unsuitable for retail investors. Still, industry insiders say such warnings don’t dampen enthusiasm among traders who can transact on the US market as an alternative.
• Golden era?: Market watchers believe now is the time for the mainstream adoption of digital assets, thanks to factors like increased regulatory clarity and the US’ plans to build a strategic bitcoin reserve. Some even think the asset’s value could soar to US$200,000.

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