For crypto’s full potential to be harnessed, striking a balance between divergent patterns and enhancing diversity at all levels is needed, according to Raj Chowdhury, the CEO of crypto trading platform PayBito.
With multiple metrics reflecting that the crypto community comprises mostly men, Chowdhury believes addressing the gender disparity ratio of more than 2:1 is fundamental to spur more growth.
He added:
“Crypto has proven its worth as a force for good with efficient low-cost cross-border payment systems, remittance, humanitarian DAOs, DeFi-lending mechanisms, and more. What’s needed for further contribution at a global level is a balanced approach with participation from all sections of the society.”
Higher crypto adoption rates are being witnessed in developing nations across Latin America and Africa because cryptocurrencies render financial inclusion.
Chowdhury pointed out:
“The appearance of the present crypto demographic may have detractors questioning its potential, but it is a fact that cryptocurrencies are proving vital to nations with poor banking infrastructure offering financial inclusion to the underserved with the democratization of money.”
A recent study by crypto exchange KuCoin disclosed that 35% of Nigerians had entered the crypto market in the last six months because of affordable financial services and high inflation rates.
Furthermore, Brazilians are entering the crypto space because of the challenges of being unbanked or underbanked.
Drawing on this, Chowdhury trusts that an overall balance is needed in the digital asset ecosystem for sustained development as nations like El Salvador and the Central African Republic have set the ball rolling by adopting Bitcoin (BTC) as legal tender.
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