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

Developing countries will soon follow in El Salvador’s footsteps and make Bitcoin (BTC) legal tender, BitMEX CEO Alexander Höptner recently predicted.

In a Wednesday post on his blog Höptner spoke out in September for the introduction of Bitcoin as legal tender by El Salvador, and predicts that developing countries will be “in the lead” with Bitcoin adoption:

“My prediction is that by the end of next year we will have at least five countries that accept Bitcoin as legal tender. All of them will be developing countries.”

According to Höptner, Developing countries will adopt Bitcoin faster due to three main factors: the growing need for cheaper and faster international transfers, massive inflation, and political problems.

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

Unlike consumers in more developed countries, people in developing countries are more affected by problems related to cross-border payments and inflation, said Höptner.

The CEO noted that remittances accounted for 23% of El Salvador’s gross domestic product in 2020, while the World Bank found that low and middle income countries received around 75% of total global remittances. He added that people around the world are increasingly looking for Bitcoin as a solution to weather massive inflation, citing the rapid adoption of crypto in Turkey at an inflation rate of 19.2%.

Höptner went on to say that El Salvador’s Bitcoin movement will make it easier for other countries to consider similar steps. “But if the reality is that politics will play a major role in the adoption of Bitcoin as legal tender, it is also true that any failure by these leaders in the implementation phase can harm the wider adoption of cryptocurrencies in general.”, he added.

As the former CEO of Deutsche Börse Stuttgart, Höptner took over the position of CEO of BitMEX in December 2020, replacing Arthur Hayes.

Höptner is not the only one who believes that other countries will follow El Salvador’s example with the introduction of Bitcoin. Last month, Cardano founder Charles Hoskinson predicted that many more countries would accept cryptocurrencies. Also the world famous computer programmer Edward Snowden believe that “stragglers may regret having doubted.”

Some top crypto figures were reluctant to praise President Nayib Bukele’s spurred adoption of cryptocurrencies in El Salvador. On Friday, Ethereum co-founder Vitalik Buterin criticized Bukele’s approach to introducing Bitcoin., argues that forcing businesses to accept a particular cryptocurrency is “contrary to the ideals of freedom that are supposed to be so important to the crypto space.”

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