Industry players predict that Singapore will be the first country to fully embrace Bitcoin

Singapore could become the first country in the world to fully adopt Bitcoin. This is very likely according to the operators of the sector of the cryptocurrency community, who are objectively analyzing the various possibilities. The idea of ​​any country fully accepting Bitcoin is a complex subject when the odds are all considered equally.

What are the advantages that would derive from it

Fully adopting Bitcoin can mean different things for so-called "Bitcoiners". But in general, the shared definition is to embrace the asset by allowing it to be used in as many forms as possible. These include adopting fair regulatory policies, creating space for a Bitcoin ETF, allowing for use in as many parts of the country as possible, and allowing banks to work hand-in-hand with Bitcoin exchanges. These are some of the significant ways that qualify as "full adoption" for Bitcoiners.

At present, there has not been any country to date that has fully embraced the resource, although some are significantly ahead of others on the adoption path. However, considering the structure of Singapore's economy, these industry players are considering options and their best bets are countries with few resources.

Singapore falls into this category and in recent years a state-funded investment firm, funded by government reserves with a portfolio of over $ 300 billion, which manages government funds on its behalf, has accumulated Bitcoin. As Dutch cryptocurrency investor and entrepreneur Marc van der Chijs notes, smaller countries like Singapore have the potential to skyrocket the price of Bitcoin; over a million in the next few years.

As he says in a tweet: “My money is on Singapore. Their sovereign wealth fund Temasek has been buying silently for 3 years. Smaller countries with fewer resources are more likely to take this "risk". They will bring the price of BTC to over $ 1 million in 5 years ”.

Is it possible that it can reach certain figures?

One part that sparked a lot of interest in his tweet and chosen by some observers was his price predictions, which some considered too high. However, as he further explains "Based on PlanB's S2FX model at the stage where central banks start buying, the price will push up to $ 1 million (probably much higher)."

Ironically, the Central Bank of Singapore recently warned retail traders to beware of the dangers of investing in Bitcoin. Singapore Monetary Authority (MAS) Chairman Tharman Shanmugaratnam has advised investors against invest in Bitcoin in a question and answer session, saying "They [Bitcoins] are highly risky as investment products and certainly not suitable for retail investors." However, this hasn't stopped investors from taking an interest in Bitcoin. Perhaps, in the long run, the asset could become more dominant, as observers say.