Following a common notion, most investment in stocks and assets come from developing nations citizens
The highly volatile and speculative nature of bitcoin and such other cryptocurrencies that created skepticism and uncertainty across the financial establishment all over the industrialized economies. The United States and European countries’ regulators have used several terrible warnings around the dangers involved in crypto trading. For instance, regulatory authorities in China shut down crypto and all other related operations including crypto mining, while forcing numerous crypto companies to pack up and leave.
However in developing nations, there are anticipations that crypto is creating deep connections among people. In these nations especially those who have a history of financial fragility or inability to access traditional payment services like bank accounts that are constantly growing. Along with this cryptocurrency use is also becoming a part of daily life rapidly.
As per the survey that was conducted by prominent digital payment company, Block Inc. stated that the larger number of respondents who assessed their own understanding of bitcoin the more hopeful such people are about the future of bitcoin. The same survey also found that people from underdeveloped nations are more optimistic and positive regarding the future of cryptocurrencies and digital assets in general in comparison to western countries.
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On Tuesday, an analysis published that stated that demonstrated the association of positive sentiments and likelihood of purchase cryptocurrencies. Further, it took the example of Nigeria, India and Vietnam where 60%, 58% and 56% of respondents respectively are most optimistic about the future of bitcoin.
While in comparison to that figure, only about 29% Americans and 22% Germans are positive about the good future of crypto, respectively. This difference in percentage shows sharp contrast in the optimism level that is widespread in poorer nations. Regardless of their locality, almost all lower income individuals acknowledge the value of bitcoin as a payment infrastructure. They view this as yet another medium that could be used to transfer settlement and make purchase of products and services.
Such results are however not unexpected considering that Nigeria, Vietnam and India also ranked high even in Global Crypto Adoption Index 2021 for Chainalysis. As per the survey, further it stated that there are a number of nations involved in emerging markets that included those aforementioned countries.
Source: https://www.thecoinrepublic.com/2022/06/10/what-made-people-optimistic-about-bitcoin-among-developing-nations-this-high/