eToro’s Yoni Assia: Problem Solving Bitcoin Adoption Comes Down to Improving Utility
The crypto market seems to be very excited about the future of the space after several weeks of operating positively. Bitcoin (BTC) has more than doubled its price since April and the positive trend could keep in the near future.
Nonetheless, if Bitcoin wants to move forward, it will have to improve its utility.
Yoni Assia Talks About Bitcoin
The CEO and co-founder of eToro, Yoni Assia, has talked about Bitcoin and how it would improve its presence in the market if it reaches mass adoption. In a recent interview with Crypto Potato, Assia said that there are two reasons why cryptocurrencies are not being adopted as fast as the community expects.
One of these reasons is related to its utility. Users around the world cannot do much with their Bitcoin. Indeed, is difficult to use it and to spend it. At the moment, it is possible to store it as a store-of-value or just conduct transactions in a peer-to-peer network.
About it, Mr. Assia commented:
“One of the first key usages I had with Bitcoin was to pay the developers that I found, in Bitcoin to actually code stuff around in crypto. Now that’s a great usage but it’s also kind of a niche usage since how many people need to send money overseas to people that they don’t know and who necessarily didn’t have bank accounts.”
In addition to it, he said that the community and the whole industry was very constricted if we compare it to the entire payments industry. If Bitcoin is able to find more use cases and a real utility, this will mean that the digital currency has a good user experienced, better technology and a product that solves the needs of the market.
The second reason that Assia gave is related to a barrier in terms of the number of individuals that do not have cryptocurrencies. He said that people have to get used to the idea of using Bitcoin and cryptocurrencies as a means of payments. This would clearly make it easier for Bitcoin to reach a larger number of users.
Tuur Demeester, Founding Partner at Adamant Capital, explained in a recent podcast, that Bitcoin cannot be debased as other fiat currencies. He has also mentioned that millennials will be selling gold in order to purchase Bitcoin and protect their financial portfolios against systemic risks.
Demeester explained that it is sometimes difficult for investors to enter the market due to the large price of just 1 BTC. What people do not know is that the most popular crypto can be divided into 8 decimal places. Each of these units is called Satoshi. That means that users do not need to have an entire Bitcoin, they can just have a smaller amount of them in satoshis.
As reported by CoinMarketCap, Bitcoin is now being traded around $8,750 and it has a market capitalization of $155 billion. In the last 24 hours, Bitcoin surged 3.7%.