Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Global mass adoption of cryptocurrency is already underway, but it is not occurring in the United States or Europe, nor is Bitcoin the leading asset for widespread acceptance. Daniel Fogg from the smart contract platform Rootstock noted that the growth in adoption is primarily happening in emerging markets, where cryptocurrencies are providing solutions to everyday issues faced by individuals.
During a discussion with Cointelegraph’s Joe Hall at the Bitcoin Builders Conference in Miami, Fogg addressed the practicality of Bitcoin, global adoption, and how developing economies are influencing the future of the cryptocurrency landscape.
Fogg indicated that emerging markets are at the forefront of crypto adoption for a crucial reason—these nations face significant macroeconomic difficulties. He believes that many people’s first substantial experience with digital banking will occur within these markets utilizing cryptocurrency infrastructure in the near future.
“People on the streets urgently need to safeguard their income, to gain access to U.S. dollars for loans. […] We’re witnessing these substantial transformations. For me, if you want to envision the future of what I hope crypto will evolve into, it is already present in Turkey, Colombia, Nigeria, Argentina. It is not yet realized in the United States or the U.K.”
Related Posts
Fogg asserts that the cryptocurrency sector is progressing through two primary use cases. The first revolves around decentralized finance (DeFi) solutions catering to individuals seeking high returns and alternative investment avenues. The second use case involves individuals acquiring stablecoins linked to the U.S. dollar for savings and daily transactions in economies facing inflation, devaluation, and other financial challenges.
“I believe there’s a sort of division in what DeFi could develop into, advanced DeFi, which I think will largely represent usage in America and Europe […], and then everyday DeFi, which is what you’ll witness in emerging markets on a daily basis.”
Fogg remarked that emerging markets present a “scale opportunity” for retail finance, emphasizing that developing DeFi solutions for these regions is a crucial focus for Rootstock and its sister organization, IOV Labs. Discussing Bitcoin pragmatism, Fogg emphasized that while Bitcoin is an impressive innovation, it is not sufficient on its own. He explained that the cryptocurrency landscape has yet to establish a definitive use case for billions of users, and it may take years to reach that point:
“In many instances, we believe they are engaging in paying, saving, borrowing, lending, retail finance, etc. However, there are numerous other use cases as well. We need to experiment to find our way there. If we are constrained by a traditional conservative perspective on what Bitcoin could represent, I think that would be detrimental to the world.”
Magazine: Bitcoin in Senegal: Why is this African country using BTC?
