Last year crypto passed from “niche investment to established assets”, marking a turning point in its evolution. Gemini’s 2022 Global State of Crypto report points out that 41% of digital assets owners were first-timers.
Last year, cryptocurrencies reached a “tipping point,” according to Gemini’s 2022 Global State of Crypto report, “evolving from what many considered a niche investment into an established asset class.”
Brazil’s currency, the real, experienced a 218% devaluation — suggesting high inflation — against the United States dollar between 2011 and 2021, and 45% of Brazilians surveyed by Gemini said they planned to purchase crypto in the coming year. “In countries where the local currency has been devalued against the dollar, crypto is viewed as a ‘need to have’ investment, whereas in the developed world it is still largely seen as ‘nice to have.’”Winston Ma, former managing director and head of North America at China Investment Corporation and now adjunct professor at New York University School of Law, makes a key distinction between an asset that works as an inflation hedge and one that is used as a currency replacement.
“On a USD notional basis, the larger flows might still come from institutions and more developed countries, but the growing number of actual users will probably come from places like Lebanon, Turkey, Venezuela and Indonesia, among others.” “It is not only inflation, it is a bigger issue of empowering our youth to have a better life than their parents and not to have fear of failure or allegiance to the legacy financial markets or products,” Monica Singer, South Africa lead at ConsenSys, told Cointelegraph. In addition, “the issue of dependency on cash and remittances is huge in Africa and the dependency on social grants.”Overall, Brazil and Indonesia were the top two countries in cryptocurrency ownership in the survey.
“The Ukraine-Russia war has certainly led to crypto being thrust directly into the mainstream conversation,” said Stein Smith, “especially since the Ukrainian government has directly solicited over $100 million in crypto donations since the war began,” further adding:
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