The United States has become a center of technological achievement, with countries the birthplace of internet giants such as Facebook and Amazon. And while the spirit of innovation is at the heart of the country, the United States is largely wary of cryptocurrency. The adoption of crypto has often been linked to its ability to resolve deficiencies associated with traditional financial systems and thus, globally, other countries such as Singapore and the United Kingdom have become heads of crypto adoption, before the U.S.
According to Binance.US CEO Catherine Coley, there are reasons why global adoption of Bitcoin is soaring.
“One of the reasons we have seen better global adoption is that the pain points are resolved by Bitcoin.”
During his latest appearance on David Schwartz’s CTO Ripple podcast, Bloc Stars, Coley, formerly of ‘Rippler,’ explains that solving common problems contributes to cryptos such as Bitcoin, Ethereum, and XRP gets more adoption outside. However, he added, problems that have been seen in other countries do not cause problems in the United States; money transfers, for example.
The US dollar has become the main currency used for international trade. However, when companies based in the United States have to pay their partner companies based in India or Madagascar, there are problems faced by countries in payment.
Although recognizing this as a problem that can be solved by crypto, it has not been seen as a problem in the nation’s perspective. The US has not actively sought out crypto potential, like China has been, with Asian countries stepping in front of the US in not only addressing problems with crypto, but also implementing use cases to make a better financial system.
In addition to solving problems like sending money in other countries, crypto has worked as an economic solution for things that threaten globalization, as did Coley. Realizing the novelty of crypto technology and the age of regulators who sat down to understand it, Coley seemed to hope to bring new genes to usher in time changes.
Interestingly, US President Donald Trump has stated distrust in Bitcoin and cryptocurrency on one of its Twitter Twitter in July 2019. Although most of the community jumped to the thread to “educate” the President about it, cryptocurrency is still not a high priority for the current President of the United States.
to request modification Contact us at Here or [email protected]