Analysts of the venture capital company Jump Capital, based on a number of macroeconomic indicators, have identified a list of countries with the greatest potential for accepting bitcoin and other cryptocurrencies. South-East Asia, Latin America, Turkey and India took the top positions.
In a study distributed by the Block, experts highlighted the development of cryptographic gateways as a cornerstone for further adoption of digital assets.
Jump Capital believes that such "transfer points" are often associated with exchange platforms that demonstrate a noticeable network effect. The latter arises from the need for liquidity and the positive feedback loop it generates.
The company believes that the cryptocurrency industry will follow the same path as traditional Finance. Years later, most of the trading volumes of various asset classes were concentrated on a limited number of sites. They believe that this will be preceded by the creation of new platforms in many countries. This will be explained by the high degree of differences in regulation and the ability of companies to operate internationally.
According to the study, cryptocurrency exchanges will be able to form competitive advantages depending on the following four factors:
availability of permits and licenses from local regulators;
the level of cooperation with local banks for the possibility of transferring Fiat deposits to cryptocurrencies;
the degree of liquidity in pairs involving a particular national currency;
brand, customer base and the potential for its extension.
Opportunities for creating crypto-Fiat gateways are most attractive in emerging economies, jump Capital believes. Experts believe that here you can expect more loyalty of residents to cryptocurrencies and difficulties with expansion among established players due to local specifics.
Analysts have compiled a list of the most promising countries for creating such a business based on the following factors:
risk of high inflation / currency instability;
large money transfer flows;
immature financial infrastructure / lack of confidence in banks;
population size;
the ratio of GDP / national wealth;
gold reserves;
regulatory and banking environment;
propensity to speculate (stock trading, gambling, etc.).
The leader is India with the largest population, the fourth largest economy, high inflation and demand for gold. Indonesia and Mexico also have significant potential, with a significant share of remittances from migrant workers in the country's balance of payments.
