With the crypto space falling into oblivion, many wonder if the arena has what it takes to ever come back. According to Ray Youssef of Paxful fame, the crypto industry isn’t going anywhere, and he’s confident market recovery will soon be in the books.
Ray Youssef on the State of Crypto
In a recent interview, Youssef stated that while things may look bleak at the time of writing, no one really needs to worry. He says that the crypto space has garnered enough adoption that it’s going to stick around permanently from here on out. Discussing the current trends, Youssef said:
People all around the world are worried about inflation and a potential recession. We’re seeing that play out everywhere. While this is a stressful time, it’s also an opportunity for companies in the space to zoom out from the short-term focus and put real effort into how and why bitcoin creates an alternative financial option for many people. It’s time to build platforms that are real and empowering that make it easier for everyone to take control of their financial future to remit money, make international payments, or even collect donations in hostile territories. If we focus on just the price of bitcoin, we’ll lose focus on how it can bring millions of people into the global economy. We do not want to downplay what’s happening in the market, but we will not sleep on this opportunity to [correct] the direction of the industry.
His company Paxful is a peer to peer (P2P) crypto exchange. He said there are many reasons why these companies exist, and he was adamant about their benefits, commenting:
Peer-to-peer platforms allow individuals to buy and sell with real people. We have over 450 payment methods available on the platform, providing access to almost any financial network in the world. There’s no need for a bank account, so buying and selling on the platform is accessible to anyone regardless of gender, location, or income. Unlike a traditional bank, transactions can be made 24/7 with greater speed and lower fees. It’s a solution for the unbanked and can provide access to the global economy.
What Can India Do?
Talking about how companies can use crypto in India where the space remains relatively uncertain, he commented:
India is one of our fastest-growing markets and our goal is to educate, train and inform people about the adoption of bitcoin. Bitcoin enables businesses to make quicker transactions without dealing with traditional financial methods. For example, Shubham, a tea shop owner in Bengaluru, started using Paxful to receive bitcoin payments from his customers. In a neighborhood surrounded by tech companies and a young demographic, he sees over 100 customers a day. Shubham is a great example of how businesses can begin to incorporate bitcoin into their business model.