Please read BitGold case study (see HBS Coursepack) and answer the following questions with substantive answers in a cohesive essay. Your paper should be at least 3 pages in length. Use proper grammar, spelling, citations, etc. 1. BitGold’s IPO took place in Canada; however, as a global platform, BitGold aimed to appeal to users in developing countries around the world. Where should BitGold focus on acquiring users?2. How could BitGold continue to stay on the right side of the law?3. How could BitGold market its services to users and merchants, both in Canada and abroad?4. Given the uneven state of the regulatory environment in the United States with respect to bitcoin startups, how should BitGold organize its US expansion? Compose your essay in APA format, including the introduction and conclusion, and in-text citations for all sources used. In addition to your 3 page (minimum) essay, you must include an APA-style title page and reference page. Click the assignment link to compare your work to the rubric before submitting it. Click the same link to submit your assignment.

BitGold, a digital payments platform, aimed to appeal to users in developing countries around the world. The company’s initial public offering (IPO) took place in Canada, but it aspired to expand its user base globally. In order to achieve this goal, BitGold must strategically focus on acquiring users in specific locations. This essay will explore potential target markets for BitGold’s user acquisition efforts.

One key consideration for BitGold is the level of financial inclusivity in various regions. Developing countries often have populations with limited access to traditional banking services, making them prime targets for a digital payments platform like BitGold. For example, countries in Africa, such as Nigeria and Kenya, have a high percentage of unbanked individuals who could benefit from the convenience and accessibility of BitGold’s services. By targeting these regions, BitGold can tap into a large pool of potential users who are seeking alternative financial solutions.

Additionally, BitGold should focus on countries with a high rate of remittance flows. Remittances play a significant role in the economies of many developing countries, and BitGold can position itself as a cost-effective and efficient way to send and receive money internationally. Countries like India, Mexico, and the Philippines receive substantial remittances from their diaspora communities abroad. By targeting these markets, BitGold can offer a compelling value proposition to users who regularly engage in remittance transactions.

Moreover, BitGold should consider the regulatory environment in potential target markets. Countries with a supportive regulatory framework for digital currencies and fintech innovation would be ideal for BitGold’s expansion. For example, countries like Estonia and Switzerland have been proactive in creating a conducive environment for cryptocurrency businesses. By entering such markets, BitGold could benefit from a more favorable legal landscape and avoid potential compliance issues.

Achieving regulatory compliance is crucial for BitGold to continue operating on the right side of the law. The company should invest in robust compliance measures, including thorough Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. To ensure regulatory compliance, BitGold should establish partnerships with local financial institutions in target markets, as these entities are well-versed in navigating and complying with local regulations. By collaborating with established financial institutions, BitGold can enhance its credibility and trustworthiness in the eyes of regulators.

In terms of marketing strategies, BitGold should adopt a localized approach. This involves understanding the unique needs, preferences, and cultural nuances of each target market. This knowledge can inform the development of tailored marketing campaigns that resonate with local users. Additionally, BitGold should consider partnering with popular local payment platforms or e-commerce platforms, which can provide access to a large user base and help promote BitGold’s services to a wider audience.

In Canada, BitGold can leverage its home advantage and focus on marketing its services to both users and merchants. The company can highlight the benefits of using BitGold for everyday transactions, such as lower fees and faster settlement times. Furthermore, BitGold can offer incentives or rewards programs to encourage merchants to accept BitGold as a payment option, increasing the acceptance and adoption of its services within the domestic market.

Given the uncertain regulatory environment for bitcoin startups in the United States, BitGold should approach its expansion cautiously. The company should closely monitor the regulatory developments and engage with relevant regulatory bodies to ensure compliance. Forming strategic partnerships with established financial institutions or fintech companies in the US can help BitGold navigate the complex regulatory landscape and accelerate its expansion efforts.

In conclusion, BitGold should focus on acquiring users in developing countries with limited financial inclusivity and high remittance flows. It should prioritize markets with supportive regulatory environments and invest in robust compliance measures to stay on the right side of the law. By adopting a localized marketing approach and forming partnerships with local payment platforms, BitGold can effectively market its services to users and merchants in Canada and abroad. Lastly, BitGold should carefully navigate the regulatory landscape in the US by monitoring developments and establishing strategic partnerships. Through these strategies, BitGold can expand its global user base while ensuring compliance and driving user adoption.

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