As the Bitcoin adoption rate surges across the globe, many parts of the Asian continent remain committed to grabbing a piece of the Bitcoin pie before the industry gets saturated. While the Chinese and Japanese governments have been adopting strict cryptocurrency policies that have forced leading firms to migrate, the Philippines is opening its arms to the leading cryptocurrency.
Millions of Philippines residents may finally gain access to Bitcoin for the first time
In the heat of the week’s chaotic events, it may have been easy to overlook the reports made by insiders on the leading Philippines mobile wallet Gcash. The firm which is currently the biggest in the Philippines is reportedly considering adopting Bitcoin by integrating the asset into its booming platform. A lot of the Bitcoin payments recorded in the country can be traced back to Gcash users, who use the platform for transactions on a daily basis.
GCash, which is the short form of Global Cash, is a payment platform that was created by the Philippines’ top telecommunications conglomerate. The app allows users to have access to a wide range of services. Users can make payments for utility bills, malls, bank transfers, and restaurants. Should Gcash step into the Bitcoin market, a large number of the Philippines’ population, which was recorded to have hit 108 million in 2019, could gain access to the Bitcoin market. And as we know already, adoption will go a long way to strengthening Bitcoin’s dominance, and in the long run boost prices, amongst other things.
As Bitcoin proponent Joseph Young noted in a tweet:
“Bitcoin is already very popular in the Philippines.
Coins.ph, the most used crypto app that allows users to buy and sell $BTC, $ETH, and other cryptos, surpassed 5 million users years ago.
Gcash integrating Bitcoin (if it happens), would bolster adoption.”
New money could be entering the Bitcoin market from Southeast Asia
The new development goes on to prove once again that the interest rate in Bitcoin from Southeast Asians is currently unmatched. Back in April, Vietnam Crypto companies showed a major interest in the DeFi industry. And more recently, new research found that 42% of Thailand’s population is interested in investing in Bitcoin.
The long-term results from these parts of Asia could certainly bring new money into the Bitcoin market and possibly compensate for the losses the market has sustained from the East Asian market.
Young asserts why this is bullish in a preceding tweet quoted below:
“There is massive Bitcoin and overall crypto adoption happening in Southeast Asia.
Particularly, the Philippines, Thailand, and Vietnam are showing a rapid increase in user activity. Price talk aside, this fundamental growth is very inspiring and optimistic.”