As reported by Cointelegraph, crypto is getting adopted by the masses but it is not getting adopted in the United States or Europe along with that it does not include the flagship asset for accepting Bitcoin as a mainstream asset, stated Cointelegraph. It is believed by Daniel Fogg, founder, IOV Labs, in emerging markets, cryptocurrencies are getting adopted instead of being offered as a solution to people’s daily problems.
“People on the streets have a pressing need to protect their income, to get access to U.S. dollars to get a loan. […] We’re seeing these massive shifts. For me, if you want to look at the future of what I hope crypto will become, it exists today in Turkey, Colombia, Nigeria, Argentina. It doesn’t exist today in the United States or the U.K,” Daniel Fogg, explained.
Sources revealed that the rising crypto markets can provide a “scale opportunity” for retail finance as a part of the plan to develop DeFi elements. Furthermore, Fogg also mentioned that Bitcoin alone cannot be enough and can take years to create a crypto space used by billions of people, Cointelegraph highlighted.
“In many cases, we think they’re paying, saving, borrowing, lending, retail finance, etc. But there are many other use cases as well. We have to experiment our way there. And if we are held back by a traditional conservative mindset around what Bitcoin could be, I think that’s to the world’s detriment,” Fogg told Cointelegraph.
(With insights from Cointelegraph)
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