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BitMEX CEO predicts Bitcoin will be legal tender in five countries by 2022

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BitMEX CEO Alexander Höptner recently stated that countries in the poor world will soon follow El Salvador’s lead and make Bitcoin (BTC) official money.

Höptner supported El Salvador’s decision to make Bitcoin legal money in September in a blog post published on Wednesday. Developing countries would “lead the way” in Bitcoin adoption, according to the predictions.

“By the end of next year, at least five nations will have accepted Bitcoin as legal money. They’ll all be developing nations”.

According to Höptner, three key causes will accelerate the adoption of Bitcoin in underdeveloped countries. The rising demand for cheaper and faster international remittances, enormous inflation, and political concerns.

People in underdeveloped economies are more affected by cross-border transfers and inflation than customers in more developed countries, according to Höptner.

Remittances accounted for 23% of El Salvador’s GDP in 2020, according to the CEO. While the World Bank estimates that low- and middle-income nations get around 75% of worldwide remittances. He went on to say that people all over the world are increasingly looking to Bitcoin as a way to deal with enormous inflation. Noting the quick acceptance of the cryptocurrency in Turkey, which is currently experiencing 19.2% inflation.

El Salvador’s Bitcoin decision will pave the way to other nations making similar decisions

Höptner elaborated that El Salvador’s Bitcoin decision will make it simpler for other governments to contemplate making similar decisions. “It is true that politics will play a large role in the adoption of Bitcoin as legal money. Nonetheless, it is also true that any failures by these leaders during the implementation phase may harm the adoption of cryptocurrencies in general”, he said.

Höptner replaced Arthur Hayes as CEO of BitMEX in December 2020. He was formerly the CEO of the German stock exchange Boerse Stuttgart.

Höptner isn’t the only one who believes that additional governments will follow El Salvador’s lead in embracing Bitcoin. Cardano creator Charles Hoskinson projected that a large number of countries will adopt cryptocurrencies. “Latecomers may regret delaying”, according to world-renowned computer programmer Edward Snowden.

On the other hand, some prominent bitcoin individuals have been cautious to applaud President Nayib Bukele’s push for crypto acceptance in El Salvador. Bukele’s approach to Bitcoin adoption was attacked by Ethereum co-founder Vitalik Buterin on Friday. He said that forcing companies to accept crypto is “contrary to the values of freedom that are meant to be so vital to the crypto ecosystem”.

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