The chief executive officer of Grayscale says emerging nations are gradually being drawn toward Bitcoin (BTC).
In a Yahoo! Finance interview, CEO Michael Sonnenshein of the crypto investment company says certain regions of the world will embrace Bitcoin (BTC) whether their governments take action or not.
“When we think about where adoption rates are taking place, they are highest in the emerging markets, in places like Africa, Southeast Asia [and] parts of South America.
But certainly, we’re seeing a gravitation towards Bitcoin regardless of government action in some of these countries because a lot of these citizens either don’t have access to financial services… or perhaps their local currencies have been debased or have been eroded in some way because there hasn’t been enough government control over their local currency.”
Sonnenshein says Grayscale predicted that an emerging market would one day support BTC and other emerging economies could soon follow in El Salvador’s footsteps.
“Being a country like El Salvador and actually making Bitcoin a legal tender, I mean that’s an incredible milestone for this community.
We’ve long believed that the emerging markets would be an important place where we’d see Bitcoin adoption, and I think we’re going to see a knock-off effect of other countries also considering this.”
Grayscale manages the Grayscale Bitcoin Investment Trust (GBTC), which launched in 2013 and was the first securities fund to be exclusively invested in Bitcoin.
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