As Cointelegraph reported, cryptocurrencies are being adopted by the masses, but not in the United States or Europe, plus it doesn't include the core asset to accept Bitcoin as a core asset, Cointelegraph claimed. Daniel Fogg, founder of IOV Labs, believes that in emerging markets cryptocurrencies are being embraced rather than offered as a solution to people's daily problems.
โPeople on the street have a pressing need to protect their income, to have access to US dollars to obtain a loan. [โฆ] We are seeing these massive changes. For me, if you want to look at the future of what I hope cryptocurrencies will become, it exists today in Turkey, Colombia, Nigeria, Argentina. It does not exist today in the United States or the United Kingdom,โ explained Daniel Fogg.
The sources revealed that the growing crypto markets may provide an โopportunity for scaleโ for retail finance as part of the plan to develop DeFi elements. Furthermore, Fogg also mentioned that Bitcoin alone cannot be enough and it may take years to create a crypto space used by billions of people, Cointelegraph noted.
โIn many cases, we think they are paying, saving, borrowing, lending, retail financing, etc. But there are many other use cases as well. We have to experience our way there. And if we are held back by a traditional conservative mindset about what Bitcoin could be, I think that is to the detriment of the world,โ Fogg told Cointelegraph.
(With information from Cointelegraph)
