- The gap between mainstream remittances and the use of crypto assets is a function of adoption, according to an expert.
- Co-Founder of My Digital Money thought that mainstream crypto adoption would equal convenience, which the market wants.
- The expert stated that the upcoming US elections would be significant for the outcome of the crypto industry’s recovery.
According to Guy Gotslak, co-founder and president of My Digital Money, regulatory problems, crypto scandals like FTX, and the extended crypto winter have added to the apprehension of furthering crypto’s mainstream adoption. Gotslak made the statement in an exclusive chat with Coin Edition, where he discussed the issues surrounding crypto adoption for remittance purposes.
According to Gotslak, the gap between mainstream remittances and the use of crypto assets is a function of adoption. The crypto expert told Coin Edition that mainstream adoption would equal convenience, which the market wants. “Nobody wants to send money to someone across the sea and be left in the dark as to when and how the receiver can cash out the funds,” said Gotslak.
My Digital Money co-founder explained that mainstream remittance is still popular because it is convenient, and while it isn’t without problems, it has generally proven to be secure. He noted that many remittance companies even partner with banks and other companies to extend their market dominance, adding to the tangibility factor. Gotslak said, “You can see them, and you know who they are.”
Despite the popularity of mainstream remittances, Gotslak thinks the crypto sector is beginning to close the gap. He cited the talks about the Bitcoin ETF and the geopolitical tension pushing investors to look for assets outside government control as significant factors behind the increasing crypto adoption.
Gotslak thinks these factors are pushing the industry toward recovery on an upward trajectory. Although he thinks the recovery may not be smooth, he believes it will be intentional and filtered to enhance sustainability. He also thinks geopolitical factors like what happens in the upcoming U.S. elections will be significant in the outcome of the crypto industry’s recovery.
According to the crypto expert, he hopes the next leaders will be people with a good understanding of the technology and, more importantly, its potential, including how it can change global finance.
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