The adoption of cryptocurrencies has increased over the past few years, and experts believe it is only getting started.
In a recent interview, Fred Thiel, the CEO of Marathon Digital, told CoinDesk that he is confident the adoption of Bitcoin and other cryptocurrencies will continue to grow.
Thiel made this statement during the ongoing Bitcoin 2022 conference in Miami. The Marathon Digital CEO praised the rising adoption of cryptocurrencies in Latin America.
El Salvador became the first country to make Bitcoin a legal tender in September last year. Thiel said it was a good move by the country as it is now leading to more adoption in Latin America, Africa and Europe.
Thiel added that the adoption of Bitcoin will grow faster than the other cryptocurrencies. He stated that;
“We are going to see broader adoption of Bitcoin because it remains the leading cryptocurrency and is highly regulated. It is a commodity, we know how to tax it, and we know how to hold it. Hence, anything that leads to the further adoption of Bitcoin is great.”
Thiel pointed out that Latin America has become one of Bitcoin’s largest markets due to the rising use case. He discussed El Salvador as an example, with more than 20% of its GDP from remittances.
With cryptocurrencies, people no longer pay huge amounts of money to send money to other parts of the world, a problem that plagued them with the traditional financial system. Hence, for this reason, crypto adoption has been growing in Latin America and Africa.
Furthermore, Bitcoin and other cryptocurrencies serve as safe haven for people living in countries with high inflation rates.
Bitcoin remains the leading cryptocurrency globally, with a market dominance of over 40%. At press time, Bitcoin is trading above the $43,000 level.