A prominent figure in the bitcoin space Luis Buenaventura has formally joined GCash and taken on the position of head of cryptocurrencies. His main objective is to support the GCrypto service’s expansion inside the GCash superapp. Buenaventura decides to consider the development of cryptocurrencies in the Philippines and his motivations for taking on this new role as he sets out on this new trip.

A Look Back at the Philippines’ Crypto Evolution

He thinks back to the state of cryptocurrencies in 2014 when he started his quest. Back then, the entire cryptocurrency market was worth only $10 billion, and the local community was just getting started, with barely 30 people showing up for meetups, most of them employees of the crypto companies that sponsored them. Ethereum was still years away, and novel ideas like NFTs, Play-to-Earn, and Web3 were not yet a reality. The early stages of the business created a close-knit community in which all participants—from developers to end users—were essential to the development of this ecosystem.

The cryptocurrency scene in the Philippines saw changes, with local projects like Bitcoin ATMs in Makati replacing national ventures like Bitfinex. Significant progress was made in the local cryptocurrency space with the introduction of trading platforms including LocalBitcoins, CoinsPH, Paxful, and Binance’s P2P marketplace. These innovative platforms, however, were not immune to changes in the market, which resulted in consolidation and incorporation inside larger exchanges.

The rise of Web3 games and NFTs changed the nature of the market. Although these technological innovations attracted a new generation of artists and gamers, the highly speculative nature of cryptocurrency created a time of frenzied euphoria. Surprisingly, investors with no prior art experience drove the auction prices of NFTs. The market valuation of games such as Axie Infinity was comparable to that of well-known game publishers.

GCrypto’s Position in the Crypto Adventure

In light of this, Buenaventura considers GCash’s remarkable rise, which will see over 80 million installations by 2022. This increase established the groundwork for cryptocurrency integration and signaled a turning point in Filipinos’ experience with digital money. Amidst the ups and downs in the cryptocurrency market, GCash emerged as a crucial conduit for the adoption of cryptocurrencies in the Philippines.

The Prospects for Crypto and GCrypto in the Future

Now that he is in charge of GCash’s cryptocurrency section, Buenaventura views this as a turning point. He thinks it’s a wise long-term savings plan to diversify into cryptocurrencies via platforms like GCash given the approaching economic collapse. He highlights the necessity to change one’s perspective on cryptocurrency from one of a quick way to get rich to one of a realistic option for long-term financial prosperity. According to Buenaventura, GCash is essential to helping the Filipino people adopt this new way of thinking.

As GCrypto makes its way through its early phases, Buenaventura promotes responsible and knowledgeable cryptocurrency investing. His plan is to use GCash as a means of converting cryptocurrency into a long-term savings option, which would represent a calculated change in the way Filipinos handle their finances.

In closing, Buenaventura urges the cryptocurrency community to proceed with caution as they enter this constantly changing market.