Crypto Adoption Is Booming, But Not in the US or Europe Bitcoin Builders 2023

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Mass adoption of crypto is already taking place around the world, but not in the US or Europe, nor is Bitcoin a hot asset for mainstream acceptance. According to Daniel Fogg of IOV Labs, the foundation that backs smart contract platform Rootstock, among other projects, the rise in adoption is mostly happening in emerging markets, where cryptocurrencies offer solutions to everyday problems. people.

In an interview with Cointelegraphs Joe Hall at the Bitcoin Builders Conference in Miami, Fogg spoke about Bitcoin pragmatism, worldwide adoption, and how emerging economies are shaping the future of the crypto space.

Joe Hall and Daniel Fogg at the Bitcoin Builders 2023 conference. Source: Cointelegraph

According to Fogg, emerging markets are leading the way in crypto adoption for one of the main reasons for countries that have significant macroeconomic challenges. In his view, many people’s first meaningful digital banking experience will happen in emerging markets on crypto rails in the coming years.

People on the street desperately need income protection, access to US dollars to get a loan. […] were seeing these massive changes. 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 does not exist today in the United States or the United Kingdom”

Fogg believes the crypto space is evolving through two primary use cases for crypto. One centers around decentralized finance (DeFi) solutions for people looking for outsized returns and alternative investment opportunities. Another use case is for people acquiring US dollar-pegged stablecoins for savings and daily payments in economies facing inflation, devaluation, and other monetary issues.

I think there’s kind of a bifurcation in what DeFi could become, advanced DeFi, which is a lot of what I think usage in America and Europe will be […]then DeFi every day, that’s what you’re going to see every day in emerging markets.”

Emerging markets provide an opportunity for scale for retail finance, Fogg said, adding that developing DeFi products for these areas is a key strategy for Rootstock and its sister company, IOV Labs. Speaking of bitcoin pragmatism, Fogg pointed out that although bitcoin is a remarkable innovation, bitcoin alone is simply not enough. As Fogg said, the crypto space does not yet have an established use case for billions of users, and it may take years to get there:

In many cases, we believe they are paying, saving, borrowing, lending, retail financing, etc. But there are also many other use cases. We have to experiment our way there. And if we’re held back by a traditional conservative mindset around what Bitcoin could be, I think that’s to the detriment of the world.”

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Update (05/19/2023 22:00 UTC): This article has been updated to clarify that Daniel Fogg only works for IOV Labs and that IOV Labs is a foundation that supports the development of Rootstock, among other projects .

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