Fred Thiel, the CEO of Marathon Digital, stated in a recent interview that he believes cryptocurrencies will continue to gain popularity.
In September of last year, El Salvador became the first government to declare Bitcoin legal money. Thiel believes it was a wise decision on the part of the government since it has led to increased adoption throughout Latin America, Africa, and Europe.
Widespread usage of cryptocurrencies
Thiel went on to say that Bitcoin’s acceptance will outpace that of the other cryptocurrencies. He stated:
“Because Bitcoin is the top cryptocurrency and is heavily regulated, we will see widespread usage.” It’s a commodity, and we know how to tax and retain it. As a result, everything that promotes the adoption of Bitcoin is a good thing.”
Thiel said that, as a result of the growing use case, Latin America has become one of Bitcoin’s major marketplaces. He used El Salvador as an example, citing the fact that remittances account for more than 20% of the country’s GDP.
Use of cryptocurrencies in Africa and Latin America
People no longer have to pay large sums of money to transmit money to distant regions of the world, as they did with the conventional banking system. As a result, crypto usage has been increasing throughout Africa and Latin America.
Furthermore, for those residing in nations with high inflation rates, Bitcoin and other cryptocurrencies offer a safe haven.
With a market share of more than 40%, Bitcoin is the most popular cryptocurrency worldwide. Bitcoin was trading above $43,000 at the time of publication.
