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BitMEX CEO predicts that Bitcoin will become the legal tender of five countries by 2022

According to BitMEX’s CEO, factors such as remittances and inflation have a greater impact on developing nations.

Countries in the poor world will soon follow El Salvador’s lead and declare Bitcoin (BTC) legal money, according to BitMEX CEO Alexander Höptner.

Höptner voiced support for El Salvador adopting Bitcoin as legal money in September in a blog post published on Wednesday, saying that underdeveloped nations will “lead the way” in Bitcoin adoption:

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

According to Höptner, nations such as Brazil and the Philippines might be among the next to accept Bitcoin as legal money. “I believe it will be like dominoes falling, especially when it appears like a powerful rising country like Brazil is about to make a move. With elections expected in Lebanon, Kenya, and the Philippines next year, keep an eye out for campaign promises to make Bitcoin legal money as well “He stated.

According to Höptner, poor nations will adopt Bitcoin more quickly due to three major factors: a growing need for cheaper and faster international remittances, huge inflation, and political concerns.

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

According to the CEO, remittances will account for 23 percent of El Salvador’s GDP in 2020, while the World Bank estimates that low- and middle-income nations would receive around 75 percent of total worldwide remittances. He went on to say that people all around the world are increasingly looking to Bitcoin as a way to deal with high inflation, citing rapid crypto adoption in Turkey in the face of 19.2 percent inflation.

Höptner continued, “El Salvador’s Bitcoin action will make it simpler for other countries to pursue similar operations.” “However, although it is true that politics will play a significant role in the adoption of Bitcoin as legal money, 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, a former CEO of the German stock exchange Boerse Stuttgart, will take over as CEO of BitMEX in December 2020, after Arthur Hayes.

Höptner is not alone in believing that other governments will follow El Salvador’s example and accept Bitcoin. Cardano founder Charles Hoskinson predicted last month that many more governments will accept cryptocurrency. Edward Snowden, a world-renowned computer expert, feels that “latecomers may regret delaying.”

Some prominent bitcoin individuals have been cautious to applaud El Salvador’s crypto adoption, which has been prompted by President Nayib Bukele. On Friday, Ethereum co-founder Vitalik Buterin slammed Bukele’s approach to Bitcoin adoption, claiming that forcing businesses to accept a certain cryptocurrency is “contrary to the values of freedom that are meant to be so essential in the crypto sector.”

BitMEX CEO predicts that Bitcoin will become the legal tender of five countries by 2022
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