The first adopters of cryptocurrencies came from developed nations. Countries like the United States, Canada, the United Kingdom, and Japan. Many would think that Satoshi was Japanese, but the thing is we have absolutely no idea who he or she is, and whether or not “it” is a human at all.
All we know is that the early adopters of cryptocurrencies were mostly software engineers from developed nations who saw the potential in Bitcoin and invested heavily. And by heavily I mean a couple of dozen dollars which got them thousands of Bitcoins.
The moral of the story is that developed nations may have gotten the whiff of cryptocurrencies before anybody else, but developed nations are where cryptos can truly earn themselves a position on the financial markets in the future.
Tapping into developing nations
Nowadays, it has become progressively easier to get oneself into developing nations as a crypto company or a crypto startup. Almost every government has heard of cryptocurrencies at least once, which makes the negotiations significantly faster.
But it doesn’t mean that this gives negotiations a 100% success rate. You see, there are a number of developing nations that have decided to simply ban cryptocurrencies altogether, but there are others that heavily embrace it.
Changing or introducing investment culture
In most developed nations, the culture of investing, saving and looking for long-term growth isn’t necessarily prevalent. The only thing people may be spending money in hopes of gaining more is most likely a casino or some kind of lottery.
The point is that investment culture is nearly non-existent in most developing nations. However, this is where crypto companies can step in and introduce such a culture.
In order to emphasize how they can do it, let’s look at a previously successful campaign for investment introduction. It wasn’t necessarily done by a crypto company, but the result is the same.
The conversion of South Africa
In the 2000s South Africa was going through some serious issues in terms of poverty rates, crime rates and etc. It was slowly losing its position as a trading hub for most European nations due to the increased violence, crime, and human rights issues.
The idea of investing was only present with the elite of the nation, mostly living in secluded neighborhoods, which was basically racial segregation.
Most of the nation’s youth were struggling to find jobs, and would mostly end up committing some kind of crime and ending up in jail. But that’s not the point. The point is the industry that managed to change that significantly (not necessarily singlehandedly, but still significantly).
The Forex industry managed to affiliate itself with South Africa very fast and started introducing its youth to the global markets. The process was quite slow. Young people would deposit as much as their lunch money and try to test the waters before becomming fully-fledged traders.
Because of this many companies started introducing more enticing offers, as explained here, simply because they needed the extra nudge for their investors.
Soon enough, South Africa had its first Forex millionaire, which boomed the industry even more. Nowadays, the idea of investment is always associated with Forex and almost nothing else. Within just a decade, the Forex industry managed to change a nation’s understanding of the crucial elements of personal finance. Gold and stocks were all but abandoned and most of the country is now oriented on Forex.
Cryptos can do the exact same thing
Crypto companies have an amazing opportunity to have a similar strategy. Simply setting foot in a developing nation and giving the local population the minimum required capital to simply start their trading adventure is enough to change a whole nation’s understanding of finances and revamp the industry in terms of volume.
Similar to Forex, cryptocurrencies have the ability to become not just an investment, but THE investment. Most of these countries are located in Central and Western Africa, while the East is already poised to ban cryptos. Regions such as the ASEAN, Central Asia, Latin America and etc have even more potential.
Therefore, in a sense, cryptocurrencies have the tendency to change a whole nation’s culture by introducing something new, the investment culture.
I’m not saying this will boost the crypto industry to new heights overnight, but what I am saying is that both the industry and the country will benefit in the long-term.