By
Steve Muchoki
April 19th, 2024
Some skeptics argue that until more countries are on board, crypto development remains choked by global regulators.
A decade has passed since the inception of cryptocurrency, and tactics have evolved to ensure global adoption. On a fair scale, retail investors and institutional investors have had a notable ride in the crypto wave. However, as regulations from all over the world kick in, countries have begun to onboard the wagon.
El Salvador kickstarted the expected chain of events by adopting Bitcoin alongside the United States dollar as the legal currency in 2021. Come 2022, Nayib Bukele the President of El Salvador forecast that two more nations will adopt Bitcoin as legal tender.
However, some skeptics argue that until more countries are on board, crypto development remains choked by global regulators.
Now, crypto whales and leaders have devised new ways to attack the challenges and oversee crypto growth and adoption. On December 21, 2021, Tron founder and former CEO Justin Sun arrived at the WTO headquarters in Geneva, Switzerland, where he was confirmed as the Ambassador and Permanent Representative of Granada to the WTO. Having been authorized to represent the island country in the West Indies in the Caribbean Sea at the highest global trade organization, crypto enthusiasts are closely monitoring his activities to assert crypto adoption in the region.
Moreover, Sun is still viewed as pro-crypto and acting behind the scenes to ensure smooth onboarding of different countries.
“According to the Grenada government, the appointment of H.E. Justin Sun, a veteran in the digital field, as Ambassador and Permanent Representative to the WTO, is conducive to the digitization of its trade, investment, and governance,” Tron foundation noted in a press release late last year.
The Next Phase in Cryptocurrency Development
The global cryptocurrency market capitalization stands at $2.34 trillion according to market analytics provided by CoinGecko. Bitcoin, the leading digital asset by market cap, exchanged hands at around $46k at the time of reporting. To put the matter into a different perspective, Bitcoin has registered gains of over 68024% in the past eight years. Tesla stocks that have registered enormous gains have recorded approximately 2529% in the past five years according to TradingView.
With Sun on the front seat of cryptocurrency development and adoption at the country level, the global crypto market cap is likely to overrun that of Gold in the next decade.
Notably, some analysts are confident to predict that Justin Sun will not pause his crypto causes, as he allocates more time to his new diplomat position in Geneva.
Ostensibly, some argue that he may somehow create a new paradigm for the adoption of cryptocurrency in Grenada and another Caribbean country.