On the first day of the Blockchain Economy Istanbul event, people talked about how Bitcoin is becoming more popular in developing economies and how it needs to be used differently in each situation.
At this year’s two-day summit, Michael Saylor of MicroStrategy, who supports Bitcoin, will be one of many well-known speakers from the cryptocurrency ecosystem who will talk about a range of topics.
After delivering a keynote talk on the Satoshi Standard and emerging markets, Ben Caselin, Vice President of AAX thinks it makes sense to prioritize emerging markets because they contain six billion people, or around 85 percent of the world’s total population.
According to Caselin, the bitcoin market has left the 2009–2019 emerging stage of its life cycle. In making his point, he drew comparisons to the early days of the internet, when Jeff Bezos was ridiculed for his online book store, which eventually became the ubiquitous Amazon of today.
Caselin thinks the bitcoin sector needs to get its act together before it can enter the adoption phase. The recent market instability, compounded by the demise of the Terra (LUNA) — now known as Terra Classic (LUNC) ecosystem and the failure of a few cryptocurrency lenders and hedge funds, obscures the wider significance and value of the area.
Chainalysis data backs up Caselin’s claim that institutional investors from large countries have been driving recent interest in more complicated assets and solutions powered by DeFi, while emerging markets are more focused on “legacy” cryptocurrencies like Bitcoin.