Crypto adoption is booming, but not in the US or Europe — Bitcoin Builders 2023
Mass crypto adoption is already taking place around the world, but not in the United States or Europe, nor does it have Bitcoin as a flagship asset for mainstream acceptance. According to Daniel Fogg of smart contract platform Rootstock, the increase in adoption is instead ongoing in emerging markets, where cryptocurrencies are offering solutions to people’s everyday problems.
In an interview with Cointelegraph’s Joe Hall at the Bitcoin Builders Conference in Miami, Fogg spoke about Bitcoin pragmatism, adoption worldwide and how emerging economies are shaping the future of the crypto space.
According to Fogg, emerging markets are leading the way in crypto adoption for one major reason — countries that have significant macroeconomic challenges. In his view, many people’s first meaningful digital banking experience will be happening in emerging markets on crypto rails in the coming years.
Fogg believes the crypto space is evolving through two major crypto use cases. One is centered around decentralized finance (DeFi) solutions for people seeking outsized returns and alternative investment opportunities. Another use case involves people acquiring stablecoins pegged to the U.S. dollar for savings and daily payments in economies dealing with inflation, devaluation and other monetary problems.
Emerging markets offer “scale opportunity” to retail finance, said Fogg, adding that developing DeFi products for these areas is a key strategy for Rootstock and its sister company, IOV Labs. Speaking about Bitcoin pragmatism, Fogg highlighted that although Bitcoin is a remarkable innovation, Bitcoin alone is simply not enough. As told by Fogg, the crypto space doesn’t yet have an established use case for billions of users, and it may
Read more on cointelegraph.com
