Why are citizens of some countries are attracted to crypto more than others?
The referenced article mentions the following factors as possible reasons:
- Avoidance of exchange fees for remittance payment by migrant workers.
- Uncontrolled inflation
- Strict capital controls
- Deteriorating fiscal outlook
Whilst not all these factors are applicable to all the countries, there is a common vein in all of them.
The less developed a country is the more attracted it is to crypto.
Maslow's Hierarchy Of Needs theory may have some relevance here. The citizens of the lesser developed countries would be striving to meet the first two levels of the hierarchy, viz., physiological and safety. In the safety level the need to have financial security is included. When financial security is not an issue, as it is generally in the developed countries, they are less inclined to look for opportunities to earn or save money, which crypto offers.
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