As the popularity of Bitcoin (BTC) continues to rise, it is being embraced in various domains, such as investment and payment.
Advocates of this cryptocurrency believe that for it to gain widespread acceptance, Bitcoin needs to discover more applications as individuals and organizations find innovative ways to utilize it.
An intriguing illustration of Bitcoin’s utility comes from Paco de la India, an adventurous traveler who is exploring the world solely relying on Bitcoin. In a recent interview with the crypto e-commerce platform Bitrefill, Paco discussed the realities of global Bitcoin adoption, his remarkable experiences, and the future prospects for the widespread acceptance of this digital currency.
It’s important to mention that Paco’s worldwide travels have been made possible through community crowdfunding. At the time of the interview, Paco had already visited 40 countries across South America, North America, and Africa.
Paco’s experiences shed light on the challenges faced by countries he has visited in adopting Bitcoin. He described a rather challenging situation where the market’s inherent volatility has made people reluctant to rely on Bitcoin.
Instead, he noticed that locals in these countries have a preference for stablecoins like USDT. They tend to hold onto their Bitcoin rather than use it for day-to-day transactions. Consequently, it became difficult for him to spend Bitcoin in certain areas.
According to Paco, adoption is occurring gradually, but there is a need for accelerated efforts.
Paco also highlighted the impact of market conditions on his journey. During bull markets, people were generous, and he received more donations. However, during bear markets, contributions declined. Paco started his journey when Bitcoin was trading at around $50,000 and reached an all-time high of nearly $69,000.
Regulatory uncertainties also disrupted his journey, particularly the temporary shutdown of the peer-to-peer trading platform Paxful. Fortunately, Paxful services have since been restored.
Looking ahead, Paco plans to continue his mission while actively participating in establishing new Bitcoin communities. He stressed the importance of educating people to advance Bitcoin adoption, especially in terms of utilizing this pioneering cryptocurrency for daily transactions.