This is an editorial opinion by Ray Youssef, founder and CEO of Paxful and founder of the Built With Bitcoin Foundation.
Bitcoin already has a defined year in 2022 and, as I look back, I couldn’t be more excited for 2023. We’re at a turning point. It is clear that Bitcoin is starting to cut off the dead weight of speculation. All eyes are on us and it is our responsibility to educate people and governments about why Bitcoin has a real use case that will allow money to flow freely and include billions more into the global economy. I’m ready to onboard the next billion Bitcoiners.
Here are our 2022 to 2023 predictions and predictions:
The Global South Will Continue to Lead Bitcoin Adoption
I just returned from the Africa Bitcoin Conference in Ghana – an Inspirational event bringing together pan-African and international leaders to talk about the purpose of Bitcoin through price (thanks Farida Nabourema!). As a legacy to the event, our team at the Built With Bitcoin Foundation opened the Bitcoin Technology Center (BTC), a learning and training center in Kumasi, Ghana – set to educate 400 people in its first year.
This trip strengthened my hope for the future. Even in the bear market, trading volumes in Africa continued to advance. Looking at the volume on Paxful, we predict more growth in Ghana and Nigeria for 2023. Why? We are still seeing growth in Africa due to the need for Bitcoin on the continent – it offers a cheaper and more efficient solution for people to send money back home, make payments and preserve their wealth. And it doesn’t go away because of market conditions. I expect Africa to continue to lead the way into the year ahead.
The Divide Between Bitcoin And The Rest Will Grow
Bitcoin is powered by human work and has proven its usefulness beyond the West’s obsession with speculation. It has the ability to bank the unbanked and finally change the tide of the apartheid economy – the impact of Bitcoin cannot be overstated. Most of the “cryptos” are wild speculations and investments, depending on the morals of these shady authorities.
As we have seen with FTX, people’s life savings can be dismantled when there is only one point of failure. This narrative is the same game banks have been playing for centuries. I didn’t buy it. Next year, we will see more Bitcoin-only companies and conferences as the Bitcoin community works to clean up the mess of misinformation caused by these bad actors.
The Government Needs to Rethink
Smart regulation fosters safety, but poor- or overregulation stifles innovation and growth. We have to balance it with education. My hope for the next year is that other Bitcoin companies come together to show why Bitcoin cannot and should not be regulated as would, for example, stocks or wheat futures.
Our responsibility also encourages transparency – like requiring companies to share proof of backup. Without this, we will see more far-reaching regulations like the Digital Asset Anti-Money Laundering Act, which puts more consumer oversight as a savior and declares Western Union as an example to lead the industry. We know how the narrative will play out…
‘Not your Keys, not your coins’ will grow louder
People’s confidence has been tested this year and I don’t blame them for being shy. Life savings are being ruined by despicable morals and we need to regain that trust. This is why I support decentralization and users to keep their savings.
Using a non-custodial wallet means the user is their own bank, manages their own money and controls their own financial future. In 2023, we will see more narratives and products around custody. I’ve done my part to amplify this message, including sharing a step-by-step process on how to protect your bitcoins.
Bear Markets Will Build a Strong Industry
I am a natural builder and I have returned to my roots this year. I’ve realized that we don’t make products about how people live every day in the Global South. There is too much focus on the unrealistic dream of minting millionaires and not enough around the pain points that are always billions of people trapped in economic apartheid. Next year, you will see more products that meet your true daily needs and provide solutions for remittances, payments, e-commerce, wealth preservation and basic communication.
Bitcoiners, 2023 looks brighter than ever. This is the way!
This is a guest post by Ray Youssef. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.