Bitcoin More Recognized by Emerging Markets: AAX Survey

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Azeez Mustapha

Updated: 13 October 2022

According to results from a recent Bitcoin (BTC) survey conducted by Forrester Consulting on behalf of crypto exchange AAX, sizable populations in developing economies top the trend in Bitcoin awareness and adoption.

The survey detailed that 74% of consumers in markets within Africa, Latin America, the Middle East, and Southeast Asia were aware of Bitcoin, while 52% of respondents agreed to notice the increasing use of BTC in their country in the past year.

Notably, 91% of surveyed subjects believe Bitcoin could empower a digital future, especially when it comes to serving as a preferred payment solution.

The result suggested that despite the recent crash and volatility, Bitcoin remains a necessity in emerging markets as it serves as a digital transaction gap.

According to the survey, other factors necessitating the use of Bitcoin in developing economies include helping users achieve financial independence, dissatisfaction with traditional financial services, and the need for a reliable cross-border payment system.

According to Ben Caselin, head of Research and Strategy at AAX, many users in emerging markets use BTC because it “offers an alternative to the banking system that is easier to access, more secure, and protected from government intervention.” Caselin further explained:

“We believe this study really shows us the potential of Bitcoin to power a different, fairer, and more inclusive financial system for everyone – not simply an investment vehicle for institutions and a wealthy minority.”

Key Bitcoin Levels to Watch — July 19

Over the past week, Bitcoin has regained a significant bullish momentum as the benchmark cryptocurrency flags a new monthly high of $23,000. After tapping this high in the early Asian session today, BTC recorded a sharp correction to the $21,700 mark (the top of my previous range). However, this decline did not last long, as the cryptocurrency is back at the edge of $23,000.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

With the newly acquired bullish momentum, BTC is likely to chart new highs not seen since early June in the coming days, barring unexpected external factors. On the flip side, a decline from the current level is unlikely to get by the $22,000 support, prompting some caution on short bets.

Meanwhile, my resistance levels are at $23,000, $24,000, and $25,000, and my key support levels are at $22,000, $21,000, and $20,000.

Total Market Capitalization: $1.01 trillion

Bitcoin Market Capitalization: $424.9 billion

Bitcoin Dominance: 41.2%

Market Rank: #1

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