‘Turning Bitcoin Into a Medium of Exchange’
In an interview with Bitcoin.com News, Ray Youssef, CEO of Noones, expressed his willingness to lead a peer-to-peer (P2P) Bitcoin marketplace, despite the risks and challenges it presents. Youssef disagreed with the notion that spot Bitcoin exchange-traded funds (ETFs) approval by the U.S. Securities and Exchange Commission (SEC) is crucial for Bitcoin adoption in Africa, asserting that many people on the continent already use Bitcoin as a medium of exchange. Youssef also emphasized the importance of listening to and addressing user complaints, as it helps companies improve their products or services.
A Motivation to Continue
Youssef cited two factors that motivate him to continue in the face of challenges. First, he believes that the current opportunity to empower people directly through peer-to-peer commerce is the biggest in history. Second, his belief in God and the signs that He has been with him throughout his journey.
A Rise of the Global South
Youssef described the Global South as Africa, Latin America, and Asia. He stated that these regions, home to 80% of the world’s population, possess less than 20% of global wealth, largely concentrated in Western countries. Youssef believes that Bitcoin and peer-to-peer commerce, facilitated by Noones, can eliminate the financial barriers holding back the Global South and lead to immense wealth creation. He sees this transformation benefiting every human being, including the West, and propelling humanity into a Golden Age.
The U.S.’ Disdain for P2P Bitcoin Trading
Youssef considers P2P bitcoin trading as the United States’ public enemy number one because the adoption of peer-to-peer commerce in the Global South poses a threat to the U.S. Treasury system. He believes that the U.S. is aware that peer-to-peer marketplaces are the best way to enable free commerce in the Global South, and the country fears seeing an entire continent break away. Youssef recognized the challenges but expressed his commitment to pursuing prosperity and peace worldwide.
Africa’s Adoption of Cryptocurrency and Regulations
Youssef disagreed with the notion that African regulators impose inappropriate regulations due to ignorance. He acknowledged that while African regulators may be slightly behind their Western counterparts in terms of cryptocurrency regulation, many of them understand the potential benefits of a cryptocurrency-powered economy. Youssef believes that education and collective empowerment are key to creating a pan-African renaissance supported by financial architecture.
Handling User Complaints and Queries
Youssef sees every user complaint as an opportunity for improvement and values user feedback. The Noones team spent six months in alpha, improving their marketplace based on user input. As CEO, Youssef believes in being hands-on with users’ concerns and building trust through empathy and genuine care. Noones prioritizes practical financial education over token investments or day trading and is committed to positively impacting the lives of the most vulnerable members of their user base.
Beyond Bitcoin ETF Approvals
Youssef does not believe that the SEC’s approval of spot Bitcoin ETFs is the key factor for Bitcoin’s future. He highlighted the adoption and use of Bitcoin as a medium of exchange in Africa, particularly through P2P transactions. Youssef emphasized that while the West may view Bitcoin as a store of value, Africa is focusing on solving real-world problems with the cryptocurrency. He predicts that within six years, break-away civilizations in the Global South will emerge, transforming the world.
Hot Take: Bitcoin in the Global South Poses a Threat to the U.S. Treasury System
According to Ray Youssef, CEO of Noones, peer-to-peer bitcoin trading is the United States’ public enemy number one because its potential widespread adoption by people from the Global South represents the “world’s first real threat to the U.S. Treasury system.” Youssef added that the United States’ disdain of P2P marketplaces is also due to its awareness that peer-to-peer commerce is “the best path to enable truly free commerce in the Global South.” With the rise of the Global South and the transformative power of Bitcoin, Youssef believes that break-away civilizations will emerge, leading humanity into a Golden Age.
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