The markets where crypto use is borne out of necessity.
KuCoin Labs is the research-specializing leg of KuCoin, one of the most eminent digital currency exchanges in the global field of crypto. It has become famous for providing top-notch research and analysis services about blockchain tech and the crypto industry. The top boss of the research division, Lou Yu, is passionate about crypto market research and has emerged as a leading female voice in the world of crypto. This is a rare sight for an industry that is still trying to become more gender-inclusive. She had some interesting insights about the current crypto trends to share from the analysis of the past few years.
The advent and reach of cryptocurrency vary vastly between fully evolved economies and ones that are still expanding. In Western countries like the US and the UK which already have mainstream Web3 adoption, crypto is being approached from investment or leisure angles. But in developing nations, it has become a vehicle to traverse socioeconomic problems. Users are opting for crypto because they have no other crutch to overcome pressures like the economic slump growing worldwide, the long waiting period of the traditional bank systems, and so on. The citizens of these countries are willing to be paid in crypto payments as it becomes an instrument key to their survival.
On the other hand, advanced nations are seeing a spike in the youth population turning to NFTs and crypto games for entertainment. For instance, cryptocurrency acts as a hedge against inflation in Asian or African countries. Geopolitical conditions in Latin American markets are also forcing citizens to make the jump to crypto to fight the recession. More than anything, it provides them with a temporary and essential solution to their predicaments. Such nations also have subpar fintech groundwork built by Web2, making them welcome blockchain technology.
Yu stated that though her research organization specializes in dealing with clients from progressed nations, she has noticed the trends of evolving economies. These are the countries that do not offer crypto-based services for the sake of domestic adoption but tend to consider the entire crypto market in the country. Crypto has given them a much-needed financial anchor where the conventional systems did not come through.