The Chinese government still has a cryptocurrency trading ban in place, but that does not stop industry experts from predicting that investors from the mainland will drive the so-called "fifth wave" bull run for the digital money market.
According to a Tencent Technology interview with Genesis Capital’s Sun Zeyu, cryptocurrencies are still poised to deliver higher gains in the last quarter of this year, shaking off the sentiment-led downward spiral of prices in the first half of 2018.
Gao Kangdi of Metropolis VC commented that “the scale of the fifth wave of the crypto bull market may be far beyond our imagination.”
What's notable, the article says, is the growing number of industry voices agreeing with the forecast that China will still play a vital role in the next cryptocurrency bull run despite the ban on both trading and mining operations in the country.
Industry experts base their prognosis on the vast capital inflow into the cryptocurrency and blockchain ecosystems in places like Singapore.
As previously reported, Singapore is currently home to thousands of foundations established by Chinese nationals who are also involved in the blockchain space. Chen Xianhui, a Singaporean agent who facilitates Chinese applications for foundations in Singapore, has confirmed that the majority of these ventures are invested in tokens.
The city-state’s lenient rules and ease of doing business have made it an attractive destination for initial coin offerings (ICOs). The move by the Monetary Authority of Singapore (MAS) in May to introduce reform in its regulatory regime will make it easier for blockchain-focused exchanges to start a business in the country.
Chinese blockchain investors expand in Asia
Chinese investors are looking around Asia to expand their blockchain-related businesses. Last week, convicted Chinese triad leader Wan Kuok-koi, also known as "Broken Tooth," was reported to be planning an expansion of his business in Cambodia with a blockchain-enabled business targeting Chinese citizens there.
The former 14K gang leader is launching new headquarters in Cambodia for a venture capital initiative on a blockchain platform.
Wan’s project aims to spread Chinese culture to Chinese citizens living outside the country.
This article appeared first on Cryptovest