Although technology knows no boundaries, its future value does createsa difference between borders. In case of Bitcoin, we see an equivalent scenario where businesses from several different countries are assuming their important role to shape up the new payment revolution, despite political and economical differences.
As we see the newly emerging Bitcoin economy, developments seem to be happening at a rapid, symbiotic speed. On one hand, we have Chinese miners that seem to have been manufacturing the maximum number of Bitcoins each day, thus tending to the supply needs; and on the other hand, we have the United States, turning out to be a prototype of how Bitcoin could be integrated into an existing market scenario by drawing out impartial laws, thus encouraging the demand. In between these distant countries are other nations — including Australasian, European, African and South American countries — that have permitted the inclusion of digital currencies into their existing economical infrastructure.
At the same time, we also have countries like Russia which have called out on an unequivocal ban on Bitcoin, on the basis that its inclusion will simply encourage illicit activities. IT giant India also seems to be confused whether to accept Bitcoin payments into their existing payment infrastructure or not. At this time, only Ireland and Vietnam have banned the digital currency blatantly.
US Leading All
A recent study done by CoinDesk indicated North America to be one territory that is considered the best place to raise funds for startups. “The last two full months of the year showed that the majority of fund-raising deals were completed in the US and Canada,” the report stated. “Ten deals were agreed in North America, while Asia saw four successful capital-raising exercises and Europe saw two.”
The same report also revealed how the funding on Bitcoin startups almost tripled in the year 2014.
And very recently, the Bitcoin Investment Trust further enriched the digital currency climate in the US after becoming the first publicly listed hedge fund, exclusively based on Bitcoin. This overall has initiated the “Wall Street Phase” of Bitcoin Revolution, that will prove it as some sort of asset class. The next step is likely to be mass adoption, a thing that would also add value to Bitcoin on whole.
Future Belongs to Emerging Economies
While the United States seems to be speeding ahead of other nations in terms of incorporating Bitcoin, the cryptocurrency’s adoption level is still likely to be increased maximumly in developing economies. Recently, we did an analysis on Africa’s underdeveloped remittence sector and how Bitcoin could help improve it from the core.
Similarly, one could assume highly populated nations like India and China, whose national currencies are also considered to be highly undervalued, accepting digital currencies at least for remittance services. This could fuel the ongoing Bitcoin revolution to the next level.
Wences Casares, Xapo CEO quoted a few months back: “I grew up in Argentina, where at times the economy experienced 12,000% annual inflation. I believe that a digital currency like Bitcoin could solve the disjointed nature of our world economy.”
Indeed, each country is an integral part of taking Bitcoin to its meritorious stand. It is after all, a currency for all of us, made for all us to draw out invisible financial barriers.