Cryptocurrency32 minutes ago (Oct 11, 2021 06:00AM ET)
© Reuters. Bitmex CEO Says 5 Countries Will Accept BTC As Legal Tender Before 2022 Ends
- CEO Alex Hoeptner has predicted that five developing countries will accept as a legal tender before 2022 ends.
- He said this based on three main factors.
- These factors are remittances, inflation, and politics.
Bitmex exchange CEO Alex Hoeptner seems to be a die-hard fan of Bitcoin (BTC). On this synergy, Hoeptner has given his esteemed prediction that more than five developing countries would accept BTC as a legal tender before 2022 ends. He said,
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. Here’s why I think developing countries will jump into crypto in 2022.
Moreover, Hoeptner gave the prediction based on three main possible factors that he thinks can speedily influence Bitcoin adoption in underdeveloped countries. To mention, he stressed that remittances, inflation, and politics are the key factors that will push BTC adoption next year.
Expanding further on the factors, Hoeptner emphatically pointed on El Salvador’s GDP remittance and how Western Union’s 10% charges on home transfer are ripping its senders off.
In the same breath, he also addressed IMF 2.4% inflation for developed countries and 5.4% for developing countries this year. With this, he noted that this makes people choose other alternatives to fiat currencies when there is an inflation crisis. Hoeptner supported his point with a reference. “As inflation climbed well above 15% this year in Turkey, crypto adoption surged.”
Lastly, Hoeptner emphasized the notion that savvy politicians will tap more from El Salvador’s Bitcoin movement. Doing this will push them to also adopt Bitcoin for a greater benefit and their constituents.
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