Coins.ph CEO says why hyper-tokenization will trump hyper-Bitcoinization
Coins.ph CEO says why hyper-tokenization will trump hyper-Bitcoinization
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Wei Zhou, the CEO of Coins.ph argued that hyper-tokenization is a much more viable scenario than hyper-Bitcoinization.
Speaking to Kitco News, Zhou gave his take on how mass adoption will happen, stating that Bitcoin’s volatility counts against it as the primary driver of cryptocurrency adoption on a global scale.
Hyper-tokenization vs. hyper-Bitcoinization
Host David Lin described hyper-Bitcoinization as the moment when Bitcoin becomes the default value system. He asked Zhou how this scenario would come to pass.
Zhou argued that transacting requires price stability, and a stable Bitcoin takes away the price appreciation aspect of investing in it in the first place.
To that end, he preferred to call the tipping point described by Lin “hyper-tokenization,” in reference to tokens (other than Bitcoin) that can fulfill transactability through price stability.
“When we’re signing a deal for $10, we need to know, even if it’s nominated in pesos or Sing dollars or Thai baht, whatever the value we sign exchange in, both sides need to have an agreement that this is the value of exchange.”
Stablecoin adoption will drive wider crypto adoption
Zhou said the stablecoin market is a growing sector, as evidenced by the concerted push to rollout Central Bank Digital Currencies (CBDCs,) “which are essentially stablecoins nominated in local currencies.”
“You’re going to see more and more stablecoin-like tokens that firm up the value of exchange in different countries.”
Large-scale tokenization will lead to more users coming into the crypto ecosystem. While he initially corrected Lin on the trigger for mass adoption, the knock-on effect of more stablecoin users will catalyze the adoption of other tokens, including Bitcoin, Zhou said.
Analyst at CryptoSlate
Samuel is a strong believer in individual autonomy and personal freedom. He is a relative newcomer to the world of cryptocurrency, having first bought Bitcoin in early 2017, but keen to make up for the lost time.
Posted In: Bitcoin, Adoption
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