FILIPINOS are urged to invest in cryptocurrency, a digital currency operating independently from a central bank, especially those that are still cheap.
Doxa chief trainer Gian Albano said that cryptocurrency can be an effective way to improve the Filipinos’ lives.
“If you are a Filipino, you’ve done everything to improve your financial standing but nothing happened, buy cyptocurrency those that are very cheap today, hoard it for the next 7 years, and that’s going to be your best investment because it is proven with bitcoin, etherium and it’s going to happen again,” he said.
Doxa is a community of cryptocurrency enthusiasts and experts, the only one in the Philippines. At present, there are some 3,000 players engaged in cryptocurrency.
He cited, for example, the success of bitcoin, a type of cryptocurrency, which was first sold at P5 per coin when it was first introduced seven years ago and is now valued at more than P250,000 per coin.
Albano bared that there are some 900 cryptocurrency that will undergo initial coin offering before the end of this year. Of the figure, 40 of which have already made a marking history as their valuation went as high as 7,000 percent annually from when it was offered.
Acceptance in the Philippines
Doxa Vice President Rand Cris Bentson, for his part said, that Philippines has a long way to go with cryptocurrency as it is not yet widely accepted here.
Cryptocurrency in the country, however, Bentson noted is picking up and is slowly gaining popularity here, eight years after the digital currency was introduced.
He emphasized that the problem in the industry is the lack of education and the skepticism because it talks about virtual money.
“The reason why Philippines does not widely accept the concept because there is lack in education and information dissemination, lack of knowledge, that is what keeping us from taking advantage of the very powerful innovation,” he said.
Lack of education
Albano said for cryptocurrency to flourish in the country, four stages should be considered: education, establish mercantile function, improve availability of options, and government acceptance.
He noted that of the total population in the country, only a fraction of 1 percent has knowledge on cryptocurrency.
Other goal is to establish mercantile functions or improved merchants accommodating cryptocurrency
“It is still part of the usability and information dissemination issue. Not until that people would get to see that every time, their coin is accepted anywhere, people wouldn’t understand what’s cryptocurrency is all about,” Albano.
He also mentioned about improving the availability of options, establishing that there are other cryptocurrency available than just bitcoin, that can be bought for as low as a centavo, which the people has no knowledge about.
On government acceptance, he said, the Bangko Sentral ng Pilipinas is now starting to show some signs of going to the level of cryptocurrency.
In a bid to increase awareness on cryptocurrency, Doxa will stage the first Cryptocurrency expo on October 7 at the Davao Convention Center, Davao City.
“The reason why we are having this expo is that we are trying to increase the acceptability of the mercantile, to get the merchants interested because it is the future thing,” Bentson.
He underscored that the expo will also discuss on the history of money, its evolution and the availability, and outlook of cryptocurrency.
The organizers are expecting some 200 attendees.
“It is a niche market right now but we wanted it to be not a special thing but a normal thing,” Bentson added.
Moreover, Albano said that after the first expo, they plan to bring it to more areas in the country.
Also, they are eyeing to have an open forum with the government.
Published in the SunStar Davao newspaper on September 15, 2017.
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