Last week, Matthew Harcourt, Wan Ying Ng, and I travelled to Singapore to attend the Token2049 conference. The week was spent listening to side events, meeting founders, and speaking with other investors in the space.

The conference attracted 10,000 participants, an impressive 3,000 more than in 2022. This increase in attendance may be surprising for those not in the industry, as crypto asset prices do not reflect the reality that there is still a large amount of interest in building crypto businesses and protocols. Other vital statistics include over 300 exhibitors, 400+ side events, and 80% of attendees flying in from overseas.

The conference last year fell one month before the collapse of FTX, and there was still an air of confidence that the worst was over at that time. This year, there was a shared sense of reality that the past year had been tough for many in the industry and that investors have commanded higher scrutiny when looking at potential investments.

Despite the increased conference attendance, it is unclear that much of this was retail interest. Instead, the crowd comprised service providers, builders, developers, exchanges, and investors.

Australians continue to be prominent within the industry, with a much larger contingent of Australian builders and investors making the trip this year. It is widely accepted that Australia continues to ‘punch above its weight’ in crypto despite having a relatively small population.

There is growing excitement around the potential of Hong Kong becoming another vital crypto hub within Asia, although some remain hesitant. Singapore is still viewed as a premium destination for crypto builders.

Many investors remain optimistic about the market’s potential over the next twelve months.

Key reasons include:

• Interest rates are likely to fall in the US.
• Bitcoin halving.
• The US election is likely to drive higher government spending to win votes.