In Singapore, bitcoin is challenging gold as a store of value (ft. Eugene Ng)

In ancient China, small golden or silver ingots were used as currency. Its weight in taels — a weight measurement unit in regions of East and Southeast Asia — determined its value. Now, bitcoin — which has broken its all-time high record yet again, now exceeding US$56,500 in price and US$1 trillion in market value — is emerging as modern-day “gold 2.0” — especially in Singapore.

Eugene Ng of Gemini, the Winklevoss-backed exchange that recently expanded into Singapore, explains why the Lion City is emerging as the crypto capital of Asia.