Hits and misses as crypto finds a way forward

A novelty bitcoin decoration on a Christmas tree at the Minto cryptocurrency mining center in Nadvoitsy, Russia, on Friday, Dec. 17, 2021. Bitcoin extended its five-week slide from an all-time high with risk sentiment across global financial markets dwindling. Photographer: Andrey Rudakov/Bloomberg

SINGAPORE: This has been a breakout year for cryptocurrency, with the digital asset industry growing faster than ever to a market worth of around US$3 trillion (RM12.5 trillion). But for all the expansion, the future is still unclear, essentially because cryptocurrency is not real money and lacks proven track record as an asset class.

Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), told the Singapore FinTech Festival in November that the MAS frowns on cryptocurrencies or tokens as an investment for retail investors.