A senior executive at Grayscale thinks that developing countries are slowly moving towards Bitcoin (BTC).
Michael Sonnenshein, CEO of the crypto investment firm, said in a recent interview that certain parts of the world will adopt Bitcoin (BTC) whether their governments take action or not.
“Considering where adoption rates are occurring, Africa, Southeast Asia, [ve] Emerging markets, such as parts of South America, have the highest rates.
But certainly, we’re seeing a pull towards Bitcoin in some of these countries regardless of government action because many of these citizens either don’t have access to financial services… or perhaps their local currency has been devalued or eroded in some way because there isn’t enough government control over those currencies. ”
Sonnenshein predicts Grayscale that an emerging market will one day support BTC and other developing countries may soon follow in El Salvador’s footsteps.
“Being a country like El Salvador and actually making Bitcoin a legal currency, I mean this is an incredible milestone for this community.
We have long believed that emerging markets will be an important place where we will see Bitcoin adoption, and with that in mind, I think other countries will have a knock-on effect as well.”
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