The crypto space is evolving through two main use cases. Focuses on a Decentralized Finance (DeFi) solution for those looking for disproportionate returns and alternative investment opportunities.
Large-scale adoption of cryptocurrencies is already happening around the world, but not in the US or Europe, and it doesn’t even have bitcoin as the dominant asset for mainstream acceptance.
According to Daniel Fogg of the Rootstock smart contract platform, the increase in adoption is happening 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 talked about bitcoin’s practicality, global adoption, and how emerging economies are shaping the future of the crypto space.
According to Fogg, emerging markets are leading the way in cryptocurrency adoption for one main reason: the countries are facing significant macroeconomic challenges.
In his opinion, the coming years through cryptocurrencies will be the first meaningful digital banking experience for many people in emerging markets.
“People on the streets desperately needing access to US dollars to protect their income, to get loans… We are seeing these big changes. To me, if you want to look at the future, I hope that cryptocurrencies will become, that it already exists today in Turkey, Colombia, Nigeria, Argentina. It does not exist today in the United States or the United Kingdom.”
Fogg believes that the crypto space is developing through two main use cases. Focuses on a Decentralized Finance (DeFi) solution for those looking for disproportionate returns and alternative investment opportunities.
Another use case involves people buying stablecoins pegged to the US dollar for savings and everyday payments in economies affected by inflation, devaluation and other currency issues.
Fogg said that as emerging markets offer “massive opportunities” for retail finance, developing DeFi products for these regions is a key strategy for Rootstock and its sister company, IOV Labs. Talking about the practicality of bitcoin, Fogg stressed that although bitcoin is a remarkable innovation, bitcoin alone is not enough.
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