Interview with Ben Caselin, Head of Research and Strategy at AAX on Bitcoin in Emerging Markets Survey
01 Septembre 2022 - 11:05AM
NEWSBTC
AAX in association with Forrester Research recently published the
findings of a survey conducted in Africa, Latin America, the Middle
East and Southeast Asia on Bitcoin adoption. We asked Ben Caselin,
the Head of Research and Strategy at AAX few questions regarding
the survey outcome and key findings. Q: Please throw some light on
the recent study on Bitcoin Adoption conducted by AAX A: Emerging
markets such as Africa, Latin America and the Middle East have
shown increased potential and interest to AAX as these regions are
the primary locations where we’re seeing the adoption of Bitcoin
and other digital assets. That’s different from other regions like
Europe and North America, where adoption is primarily driven by
speculation. The study shows that emerging markets are seeing
consumers and businesses alike adopt crypto for specific reasons,
such as payments and money management. The primary reasons for
commissioning this study were to shed more light on these questions
of crypto adoption, and also to send a message to the wider
industry that in order to move forward and progress, there needs to
be a shift of focus beyond simply trading and profiteering. We need
to focus on crypto’s impact and utility as a viable financial
technology in the real world, and developing economies are the
primary locations where this is happening. Q: What are the
different parameters considered during the study? A: Forrester has
stringent guidelines in place for all of its studies to ensure the
observations it makes are well-grounded, and that the statements
made are truly representative of the emerging markets that were
studied. We commissioned Forrester to help us understand the use of
Bitcoin in emerging markets across the globe, in terms of its level
of adoption, what people are using it for and how the technology
itself is generally perceived and understood. Q: Will it be
possible to give us some information about the sample size and
demographics of survey respondents? A: To gain a comprehensive view
of this topic, Forrester conducted an online survey of 806
consumers across Africa, Latin America, the Middle East and
Southeast Asia who were aware of, or have used Bitcoin, for
purposes beyond investment and speculation. In addition, Forrester
conducted eight interviews with senior decision-makers at financial
services and insurance organizations in these regions to dive
deeper into the nuances of each specific market. For a more
detailed breakdown of the survey respondents’ demographics, please
see this video and the appendix in the study. Q: How is the general
sentiment towards Bitcoin as an alternative mode of payment as
against a trading instrument among the survey participants? A: One
of the main takeaways from the study is that socio-economic
conditions in the emerging markets we looked at are different from
those in developed countries in North America and in Europe.
Generally speaking, consumers in developing regions have less money
to spare and as a consequence, they can be more risk averse. As
such, that does make people more amenable to new financial
technologies and payment methods that can help save them money, for
example with lower transaction fees. The study found that those who
are knowledgeable about Bitcoin are more willing to utilize it as a
method of sending and receiving payments, both domestically and
cross-border. While inflation might seem quite extreme in the U.S.,
in other countries this is par for the course. In Argentina and
Turkiye for example, consumers are used to extremely high
inflation, which has been a factor in their local economies for
decades. In such places, consumers have become accustomed to using
Bitcoin and other cryptocurrencies, such as stablecoins, as a hedge
against debasement and inflation. Q: Do the findings indicate the
role of regulatory authorities in the regions? A: Although not
every government has a favorable attitude towards Bitcoin, and
others are unsure what stance to take, the study makes it clear
that many believe that digital assets can lead to new economic
opportunities. One thing to note is that adoption rates don’t
always correlate to the state of regulation within nations. That
said, a country like El Salvador, which has legalized and
encouraged Bitcoin adoption, provides more favorable conditions for
adoption than a place like Afghanistan, where compliance
regulations prevent exchanges from serving the local population. In
countries that have tried to dissuade the adoption of Bitcoin,
digital asset inflow is primarily driven by remittances as opposed
to direct purchases. But in any case, adoption, acceptance and
understanding of Bitcoin appear to be on the rise across all
markets we surveyed, with or without local government support or
encouragement for it. Q: What is the position of AAX in the markets
the survey was conducted? A: AAX selected a few individual
countries to be included in the study, such as Brazil and Turkiye,
as these are currently target markets for expanding our business.
We have already established a presence in both of these markets and
we’re expecting to see significant growth in these jurisdictions
over the coming year as we step up our efforts to expand there. One
way we do this is through AAX Trends, which is a subdivision of AAX
that’s focused on impact and education. One of AAX Trends’ primary
goals is to engage with local communities through meetups and
educational campaigns, with the aim being to raise awareness about
digital assets and position ourselves as a leading brand in these
markets. At the same time, targeting these markets also requires
innovation on the product side. Next month, September 28-29 where
AAX is the title sponsor at Token2049 in Singapore, we will be
sharing more about our approach to these markets with a new
iteration of the AAX app. Q: Does AAX have any interesting plans in
the near future for these geographies? A: We see a big opportunity
to grow AAX’s presence in countries including Brazil, Nigeria, The
Philippines, Taiwan, Turkey and Vietnam and we have lots of
exciting initiatives in store that we cannot reveal yet. What we
can say is that these are key growth markets for AAX both at the
product level and in our overall marketing strategy. Aside from
serving the communities in these regions, we also plan to launch a
range of empowerment programs to encourage consumers to utilize
digital assets as a solution to address various local issues. These
are key long-term projects that we believe will play a prominent
role in our efforts to accelerate adoption in these markets. Q: It
will be great if you can summarize the findings of the “Bitcoin in
Emerging Markets Survey” A: The biggest takeaway from the survey is
that not only is there significant awareness of Bitcoin awareness
in emerging markets across Africa, Latin America, the Middle East
and Southeast Asia but also rapidly growing adoption as people
there begin to experiment with it for payments, savings and money
management. For instance, the study found that 74% of survey
respondents are aware of what Bitcoin is, while 52% say they have
noticed an increase in people actually using Bitcoin in their
country over the past year. Moreover, 91% of respondents believe
Bitcoin will play a key role in enabling a digital future. We’re
already seeing that play out with Bitcoin emerging as a platform
for payments and money transfers in places where traditional
banking services are unable to cater to significant segments of the
population. In addition, the findings of the survey suggest that
even with its ongoing price volatility, Bitcoin adoption seems
likely to expand in emerging markets because it helps to fill a
digital transaction gap while enabling cross-border payments and
new earnings opportunities. The data points to a possible leapfrog
effect that will occur as more people begin using Bitcoin for
day-to-day transactions. Q: Anything else you would like to add? A:
Building on the survey, AAX is set to participate in September’s
Token2049 event in Singapore as a title sponsor. In addition, it
will host a launch event for AAX Trends. At both events, AAX
intends to further drive the narrative of Bitcoin adoption in
emerging markets and will be exploring various opportunities for
partnerships in our target markets. About AAX AAX is a top-tier
digital assets exchange that caters to a global audience, with a
vision of bringing the benefits of digital assets to everyone.
Through an accessible range of products and by contributing to the
conversation about digital assets and culture, we aim to empower
the estimated 96% of people worldwide who do not yet own Bitcoin
and other digital assets to build better and more inclusive
economies. Favored by more than three million users in over 160
countries, AAX is the first exchange to use the Satoshi Standard
(SATS) to drive the adoption of Bitcoin. We are also the first to
be powered by LSEG Technology, offering high-yield savings
packages, 200+ spot pairs, deeply liquid futures markets, regular
discounts on major tokens, and a range of on- and off-ramp
products. Aax.com (http://aax.com/) It would be great if readers
joined AAX Trends Discord for more updates, or follow AAX on
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