Mass crypto adoption is already taking place around the world, but not in the United States or Europe, nor does it have Bitcoin as a flagship asset for mainstream acceptance. According to Daniel Fogg of smart contract platform Rootstock, the increase in adoption is instead ongoing in emerging markets, where cryptocurrencies are offering solutions to people\u2019s everyday problems.\u00a0<\/p>\n
In an interview with Cointelegraph\u2019s Joe Hall<\/a> at the Bitcoin Builders Conference in Miami, Fogg spoke about Bitcoin pragmatism, adoption worldwide and how emerging economies are shaping the future of the crypto space. <\/p>\n According to Fogg, emerging markets are leading the way in crypto adoption for one major reason \u2014 countries that have significant macroeconomic challenges. In his view, many people\u2019s first meaningful digital banking experience will be happening in emerging markets on crypto rails in the coming years. <\/p>\n \u201cPeople on the streets have a pressing need to protect their income, to get access to U.S. dollars to get a loan. […] We\u2019re 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\u2019t exist today in the United States or the U.K.”<\/p><\/blockquote>\n Fogg believes the crypto space is evolving through two major crypto use cases. One is centered around decentralized finance (DeFi) solutions for people seeking outsized returns and alternative investment opportunities. Another use case involves people acquiring stablecoins pegged to the U.S. dollar for savings and daily payments in economies dealing with inflation, devaluation and other monetary problems.<\/p>\n \u201cI think there\u2019s a kind of bifurcation in what DeFi could become, advanced DeFi, which is a lot of what I think the usage in America and Europe will be […], and then everyday DeFi, which is what you\u2019re going to see in emerging markets every day.”<\/p><\/blockquote>\n Emerging markets offer \u201cscale opportunity\u201d to retail finance, said Fogg, adding that developing DeFi products for these areas is a key strategy for Rootstock and its sister company, IOV Labs.\u00a0Speaking about Bitcoin pragmatism, Fogg highlighted that although Bitcoin is a remarkable innovation, Bitcoin alone is simply not enough. As told by Fogg, the crypto space doesn\u2019t yet have an established use case for billions of users, and it may take years to achieve that:<\/p>\n \u201cIn many cases, we think they\u2019re 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\u2019s to the world\u2019s detriment.”<\/p><\/blockquote>\n Magazine: Bitcoin in Senegal: Why is this African country using BTC?<\/a><\/em><\/strong><\/p>\n<\/div>\n![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/378371be-8a79-41b1-b183-97d1d74b18a4.jpg\" "\\"\\"")