Fun

Macro Investor Dan Tapiero on Crypto Adoption: Emerging Economies Ahead of Developed States

News Feed - 2020-10-20 02:10:12

Macro Investor Dan Tapiero on Crypto Adoption: Emerging Economies Ahead of Developed States


Bitcoin and gold holder Dan Tapiero, says it is still early to talk of widespread crypto adoption as the proportion of users relative to the rest of the population remains low. Tapiero makes the remarks while referring to a study, which places Nigeria at top of the list of countries with the highest number of respondents that say they own or are using cryptocurrency.



According to the study, 32% of surveyed Nigerians say they used or owned cryptocurrencies in 2020 while in Japan, which is last on the list, only 4% say they owned cryptos in 2020. The survey, which was conducted by Statista, shows that countries with emerging economies like Vietnam (21%) and South Africa (17%) have more respondents who say they used or owned cryptos in 2020. Spain (10%) is the only developed country where the percentage of respondents that own or used cryptocurrencies get to double-digit figures.


In the United States, which appeared to be the focus of Tapiero’s tweet, the percentage of respondents that confirm owning or using crypto is only 7%. In his tweet, Tapiero who is the Co-founder at 10T Holdings infers that the world is currently seeing the crypto which is “still at the birth of a new global asset class.” Some Twitter users were quick to query the methodology of the study and Tapeiro admits that “there are countries that belong on this list that are not listed.”


Still, another Twitter, Alexander Burgei insists that the “data is really clear” and that adoption is already happening but “only in dysfunctional countries, as a backup to devaluating currencies.” While adoption is already happening in some countries, the Twitter user says “it will not be real until it´s taken by the Western powers and China.”


Meanwhile, in an earlier tweet, Tapiero claims that “it is the beginning of the end for banks” and urges them to either “adapt or perish.”


He adds: Time to pivot towards the digital asset ecosystem. Bitcoin is the pristine collateral at its centre. The whole new world now growing up alongside the legacy system.


Tapiero’s remarks come as fintech and payment firms continue to eat into the banks’ share of market capitalization. According to data shared by Tapiero on Twitter, fintech, and payment firms only accounted for less than 10% in 2010. This figure has grown to nearly 30% share of the market capitalization.



There are expectations that this trend is set to continue and banks that fail to embrace emerging technologies will lose influence.


Do you think cryptocurrency adoption is happening faster in some regions than in others? Tell us your thoughts in the comments section below. Monetary Stability: The IMF and Fed Chair Jerome Powell Discuss Digital Currency Implications NEWS | 12 hours ago Bitcoin Bar "Room 77" Shuts Down NEWS | 16 hours ago Tags in this story banks, Bitcoin, Crypto Adoption, Cryptocurrencies, Dan Tapeiro, Dan Tapiero, Digital Asset, Fintech, global asset class, gold, market capitalisation


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Show comments

News Feed

Crypto traders bet $2.4M on spot Ether ETF decision
Ezra Reguerra13 hours agoCrypto traders bet $2.4M on spot Ether ETF decisionOnly 19% of gamblers betting on the outcome of a decision on whether to approve or deny spot Ether ETFs by the U.S. SEC are putting their money
XRP Price Still On Track For $1.5T Market Cap And 27% Crypto Market Dominance
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Central Washington Raises Concerns Over Possible Bitcoin Mining Boom
Central Washington Raises Concerns Over Possible Bitcoin Mining Boom A region in the Pacific Northwest of the United States is on high alert because of concerns
Nigerian Crypto Leverage Searches Second-Highest Globally — Africa Dominates Searches for Leveraged Trading Products
Nigerian Crypto Leverage Searches Second-Highest Globally — Africa Dominates Searches for Leveraged Trading Products According to an analysis of Google searches by Leverage Tradi
Coinbase CEO’s Hot Take: Bitcoin Is Basically A ‘Meme Coin’
Este artículo también está disponible en español. Brian Armstrong, the CEO of Coinbase, has recently made an audacious statement regarding Bitcoin that has caused quite a
Web3 Firm Chain Reveals Multi-Year Partnership With the New England Patriots
Web3 Firm Chain Reveals Multi-Year Partnership With the New England Patriots The Web3 software solutions company Chain announced the company has partnered with Kraft Sports + Enter
IMF: Crypto Is No Match for Well-Designed Central Bank Digital Currencies
IMF: Crypto Is No Match for Well-Designed Central Bank Digital Currencies The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, says that crypto ass
Saudi Arabia plans $40B AI investment fund overseen by a16z: Report
Brayden Lindrea9 hours agoSaudi Arabia plans $40B AI investment fund overseen by a16z: ReportIf the $40 billion fund goes ahead, it would make Saudi Arabia the largest investor in the AI space.3668 Total views18 Total sh
Helen Partz11 hours agoCurve omnipool platform Conic Finance hacked for $3.2M in ETHAccording to initial analysis by Peckshield, the root cause for the hack was the new CurveLPOracleV2 contract.2323 Total views50 Total s
Petro-Dollar System Crumbles: US Dollar Could Collapse from the World’s Oil Wars
Petro-Dollar System Crumbles: US Dollar Could Collapse from the World"s Oil Wars During the last few days, people witnessed history when the price of crude oil dropped below zero to
Spot Bitcoin ETF volumes shatter record with massive $7.7B traded
Jesse Coghlan4 hours agoSpot Bitcoin ETF volumes shatter record with massive $7.7B tradedTrading volumes for the ten new U.S. Bitcoin ETFs have set a new record, more than doubling their previous high from days ago.4524
Martin Young4 hours agoEMAX investors given third and final chance at celeb promo suitThe judge presiding over a class suit by EMAX token investors gave them a final chance to file their claims against celebrities who al