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Though we are unlikely to see widespread adoption of cryptocurrency payments in Singapore, early adopters will still invest in it.

Jae Chia  |  SG
Published 2021-04-08 16:51:13
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When bitcoin started in 2009, it was worth practically nothing.

Now, more than a decade later, the cryptocurrency industry has gone through several highs and lows, hitting an all-time peak of more than US$61,000 in mid-March. It has also been growing in acceptance amongst mainstream investors and companies.

Most recently, a Singapore investor made waves in the art world when he spent a record-breaking US$69 million (S$93 million) worth of cryptocurrency on a digital art piece.

The buyer of the digital collage, Vignesh Sundaresan, is one of the oldest investors in Non-Fungible Tokens (NFTs). NFTs operate as a new type of digital asset, and have rapidly gained popularity in recent years.

Anyone can “tokenise” their work to sell as an NFT and an interest to do so has been fuelled by million-dollar sales hitting the headlines recently. For example, an animated Gif of Nyan Cat — a 2011 meme of a flying pop-tart cat — has been sold for more than US$500,000.

 
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