11 Oct 2021
Bitmex CEO Predicts More Nations will Adopt BTC as Legal Tender by 2022
The Index Today
Bitmex exchange CEO Alex Hoeptner has predicted that more developing countries will adopt Bitcoin as their legal tender by the end of 2022.
He stated, “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.”
He explained the basis of his prediction on three main reasons which are likely to push countries to use Bitcoin. These include politics, remittances and politics. El Salvador was among the first to go for crypto as a means to buying and selling, mainly due to the high charges on remittances which burdened the public.
On the other hand, the IMF has indicated inflation of 2.4% for developed countries and 5.4% for developing countries for 2021. This means people will opt for other alternatives to authorized currencies during inflation periods. He states, “As inflation climbed well above 15% this year in Turkey, crypto adoption surged.”
Alex Hoeptner also pointed towards the issue of politicians who are looking to gain from the new cryptocurrency movement similar in El Salvador, paving way for people to realize its benefits and acceptance.