Grasping Bitcoin’s Growing Dominance in Emerging Economies

Since its launch in 2009 by the pseudonymous Satoshi Nakamoto, bitcoin (BTC-USD) has established itself as a household name, thanks to growing awareness surrounding its use and the publicity of its potential, helping cement itself as the largest cryptocurrency by market capitalization. Despite the limitations of the earliest blockchain network and the price per coin, growth atop the network (namely user adoption rates) is still rapid.

Recent reports indicate that bitcoin’s global adoption rate jumped by 880% between 2020 and 2021. The greatest pace of adoption lies primarily in emerging markets, especially those constantly grappling with high inflation and limited access to traditional financial services. Between 2021 and 2022, several developing economies across Africa, Southeast Asia, Latin America, and the Middle East have embraced BTC as more than a store of value.