For Bitcoin to get mass adoption in Underbanked, it has to be more like M-Pesa

“These stories are written by people in the West who are Bitcoin enthusiasts and who are depressed by the lack of mass adoption in the West. So, they grasp at the straw that Bitcoin will be adopted somewhere else that they do not really understand. The grass is not always greener on the other side.” …indeed. I hear one altcoin is almost universal in the developing world: the U.S. Dollar.

Daily Fintech

The meme that mass adoption for Bitcoin will happen first in the developing world is spreading fast.

I don’t buy it.

These stories are written by people in the West who are Bitcoin enthusiasts and who are depressed by the lack of mass adoption in the West. So, they grasp at the straw that Bitcoin will be adopted somewhere else that they do not really understand.

The grass is not always greener on the other side.

I think that Bitcoin will find mass adoption in the West quite soon, but that is another story.

The Bitcoin in the developing world meme is connecting two dots:

  • Dysfunctional currencies in countries such as Argentina. The story here goes that Bitcoin could be a great alternative to a currency facing hyperinflation. That is true. When Zimbabwe was suffering hyperinflation, you would prefer to hold Bitcoin than Zimbabwe dollars. Sure, but in practice…

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