Where is Crypto Taking Off? (It Might Not Be Where You Think)
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‘Crypto is so volatile. It’s never going to be used for transactions.’ – Boomers across North America.
Sigh. Am I the only one who’s sick and tired of this dried up narrative? Sure, not all cryptocurrencies are ideal for transactions. I have eyes and I can see the insane mining fees for Bitcoin and Ethereum. But, news flash, there is more to cryptocurrency than those two…
So, why haven’t you really heard of anything else? Why is there so much negativity about crypto in the media? Well, I can tell you why. It’s probably because you’re stuck in the North American fear vortex. But, believe me, this isn’t the case everywhere.
There are regions in this world where people are not afraid of cryptocurrency. Must be nice to have a break from the near-constant smear campaigns. The North American media just loves a click-bait title. How often do you really think cryptocurrency is used for terrorism? If you’re in the states, you might think it’s every second day! The media just keeps recycling the same headlines on repeat. Talk about lazy. Maybe turn your attention to your education and healthcare before you start making up crises elsewhere.
Our governments don’t exactly help either. In fact, they amplify this fear. Last time I checked though, Janet Yallen was no cryptocurrency expert. But, it’s ok, I’m sure her experience working at the Federal Reserve makes her super qualified to talk about crypto….
The US Government might be better off focusing on the little inflation problem they’ve got going on. Over the last year, politicians and bankers have pumped trillions of dollars into the economy. Trillions! I guess they thought everyone would just be too preoccupied with other stuff to notice. But they’re kind of right. Most people in North America just go along with it like brainwashed zombies. The government indoctrinates people into this system so young, that it’s hard to get out. We’re slowly waking up now, but not fast enough.
So, where is there hope? What countries can we look to for a roadmap?
The Cryptocurrency Revolution in the Middle East and Africa
Be honest, have you seen any reporting about the Middle East and Africa that wasn’t trying to scare you half to death? Probably not, because North American media paints such an ugly picture. They want to create this ‘east vs west’ mentality and it’s complete garbage. I’ve been living in Dubai for several months now, and I can tell you that most, if not all, of the stereotypes are untrue. I’ve already spoken about one of these false stereotypes in my article about women in the Middle East.
It’s disheartening that even though our world is so globalized, there is still so much division. Countries like the United States just don’t want to admit that they’ve got it wrong. They’re wrong about the people, they’re wrong about the culture, and they’re definitely wrong to think that the US is still the centre of the world. Especially when it comes to payments and cryptocurrency.
In particular, the United Arab Emirates has positioned itself as a hub for digital innovation. Financial authorities are not shying away from crypto and blockchain technology. Instead they’re embracing the idea that cryptocurrency is going to be a big part of our global economy. This sounds like revolutionary thinking, but it doesn’t have to be. Innovation is simply woven into the fabric of the country.
While I can’t share the details about the conversations I’m having here, know that they make me super optimistic about what’s in store for the crypto industry. Even before I got here, I knew that this region had so much untapped potential. And it hasn’t let me down.
Africa is also on the forefront of a big movement with cryptocurrency. Just look at Nigeria. Already 32% of the population owns cryptocurrency! While the government there is certainly not as receptive as the UAE government, that doesn’t seem to be slowing things down. It’s clear that the people of Nigeria have spoken. They want crypto and nothing is going to stop them. I swear this is going to be the subject of a box-office hit some day. But, who are we kidding? Will movie theaters still be a thing?
So, Where Do We Go From Here?
All of this really proves that the power is in your hands. Having a government that’s not trying to stop progress would be awesome, but what else would you expect at this point? We need to keep pushing forward. History has taught us that governments don’t truly know best. Just look at some of the barbaric practices that the US government upheld for generations. That kind of backward thinking doesn’t just disappear when one government replaces another. We know better now.
It’s the people on the ground who care about the movement who will make a difference. If you’re in North America, don’t be discouraged by what I’m telling you. Be empowered! Seeing the flaws in the system is the first step towards flipping the script. Even though our leaders won’t admit that the Middle East and Africa have something right, I think they’ll slowly pick it up. Within our lifetime would be nice, though.
In the meantime, the private sector will continue to rock the boat. Want to impose some ridiculous rules on us? Bring it on. We’re ready for those tough conversations. And while our government continues to make a bluster out of anything innovative, we’ll push forward elsewhere. It’s not an east vs west world anymore. It’s centralized vs decentralized.
I think it’s only a matter of time until North America is begging crypto companies to bring their money back to home base. But by that time, we’ll be on our way to world domination. Why settle for one continent, when you can have them all? We’re certainly done having one type of currency to rule them all, that’s for sure.
