According to Grayscale’s CEO, emerging markets are gradually gravitating toward Bitcoin (BTC).
According to CEO Michael Sonnenshein of the crypto investment firm in a Yahoo! Finance interview, certain regions of the world will embrace Bitcoin (BTC) whether their governments take action or not.
“When we consider where adoption rates are highest, we find them in emerging markets such as Africa, Southeast Asia, and parts of South America.
But, regardless of government action in some of these countries, we are seeing a trend toward Bitcoin because many of these citizens either do not have access to financial services… or perhaps their local currencies have been debased or eroded in some way as a result of insufficient government control over their local currency.”
According to Sonnenshein, Grayscale predicted that an emerging market would one day support Bitcoin, and that other emerging economies would soon follow El Salvador’s lead.
“Being a country like El Salvador and making Bitcoin legal tender is an incredible milestone for this community.
We’ve long believed that the emerging markets would be an important place to see Bitcoin adoption, and I believe we’ll see a knock-on effect of other countries considering it as well.”
Grayscale manages the Grayscale Bitcoin Investment Trust (GBTC), which was the first securities fund to invest solely in Bitcoin when it launched in 2013.