Crypto is the new and emerging asset class that many investors love. However, there is a specific group of individuals who love crypto the most, and they are the early adopters.
Early adopters are individuals who see the potential of a new technology even before it becomes mainstream. They are the ones who take the first steps in embracing a new technology, and they serve as the catalyst for its adoption.
In the case of crypto, early adopters are those who first invested in Bitcoin when it was just a small and unknown digital currency. They were the ones who saw the potential of Bitcoin and believed in its underlying technology – the blockchain.
As a result, early adopters have a deep affinity for crypto and are among the most vocal supporters of the technology. They have seen through all the ups and downs that crypto has gone through over the years, yet they remain steadfast in their belief that it will revolutionize finance and the world at large.
One reason why early adopters love crypto the most is that they get to be a part of something revolutionary. They can see the potential of blockchain technology and its ability to disrupt traditional financial institutions, as well as create new and exciting use cases for the technology. These individuals are passionate about the transformative power of blockchain, and they are willing to invest their time and money to see it come to fruition.
Another reason why early adopters love crypto is that it offers a high degree of autonomy and control over their investments. Crypto is a decentralized currency, which means that it is not controlled by any government or financial institution. This makes it appealing to those who value independence and self-sovereignty and want to take control of their financial future.
Early adopters also recognize the advantages of crypto over traditional assets such as stocks, bonds, and real estate. Crypto is highly liquid, meaning that it can be easily bought and sold at any time. It’s also highly divisible, meaning that it can be split into tiny fractions, which offers greater flexibility and accessibility. Additionally, crypto is borderless, meaning that it can be used and traded globally without relying on intermediaries or needing permission from anyone.
One of the most attractive things about crypto is its potential for high returns. Early adopters who invested in Bitcoin back in 2010 saw massive gains in their investment over the years. This potential for high returns, coupled with the transformative potential of the technology, makes crypto an exciting opportunity for early adopters looking to invest in something with a high risk and high reward profile.
In conclusion, early adopters are the individuals who love crypto the most. These individuals have a deep passion for the transformative potential of blockchain technology and the high-risk, high-reward nature of crypto. They have seen the ups and downs of the crypto market over the years and have remained steadfast in their belief that it will revolutionize finance and change the world. While early adopters are a small group, they serve as the driving force behind the adoption of new technologies, and their passion for crypto is a testament to its potential for widespread impact.
Crypto adoption has become increasingly widespread all over the world, though certain countries show a particular affinity for digital assets. Emerging Southeast Asian nations like Vietnam, Indonesia, and the Philippines, for example, have recently shown a marked interest in crypto. According to the World Bank, 70% of people in Vietnam don’t have bank accounts, while in the Philippines, 44% lack banking services. With the prospect of undiscriminating financial services, crypto assets hold considerable appeal in these places.
Last year’s Chainalysis survey reported that Vietnam and the Philippines saw the highest crypto adoption, followed by Thailand, India, and Ukraine. These countries rely on cryptocurrency for remittances, savings, and other financial needs unique to their economies. For instance, a considerable 9.6% of the Philippines’ GDP comprises remittances from locals working overseas.
The potential benefits for developing economies, however, should be considered along with the recent shift made by El Salvador to make Bitcoin legal tender. The International Monetary Fund (IMF) has repeatedly criticized this move, especially after Bitcoin’s value was halved this year, and public debt was substantially increased.
The Philippines’ central bank is known to be welcoming towards cryptocurrency and aims to offer financial services to 70% of its citizens, converting half of retail transactions into digital ones by 2023. While 20% of the population owns crypto, many have earned higher-than-average salaries through crypto gaming startups such as Axie Infinity, a game that had become immensely successful recently.
Vietnam, despite being unable to legalize crypto as a tender has seen 17% of locals owning it. This is partially attributed to Vietnamese expatriates sending over $3 billion home annually, where conventional payment systems charge high fees.
Thai regulators have shown a keen interest in crypto trading, aiming to make Thailand a Southeast Asian hub for crypto trading. However, the collapse of digital asset prices has curtailed investor interest in cryptos in Thailand. The Securities and Exchange Commission (SEC) and a major crypto exchange were fined for insider trading last year. Nonetheless, Binance Holdings plans to partner with Gulf Energy Development, a Thai power company, to establish a crypto exchange.
Indonesia, on the other hand, has seen an increase in trading volume by a thousand percent, with 41% of its population aged between 18 and 75 owning cryptocurrency. The country’s central bank now has its crypto exchange, and digital assets are increasingly seen as a regular trading instrument under the Financial Services Authority.
Conclusively, the adoption of crypto in developing nations can be seen as a method to access financial services due to the absence of bank accounts. Digital assets also serve their specific needs, such as remittances, savings, and crypto gaming. However, it remains to be seen if digital assets will continue to play a vital role in these economies, given the recent rout of the crypto market. It is best to begin CFD crypto trading by opening an account with reliable brokerages such as iFOREX, a broker with awards for intuitive usability and wide-ranging instruments.
