{"id":351235,"date":"2021-10-11T15:16:52","date_gmt":"2021-10-11T12:16:52","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitmex-ceo-predicts-bitcoin-will-be-legal-tender-in-five-countries-by-2022\/"},"modified":"2021-10-11T15:16:52","modified_gmt":"2021-10-11T12:16:52","slug":"bitmex-ceo-predicts-bitcoin-will-be-legal-tender-in-five-countries-by-2022","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitmex-ceo-predicts-bitcoin-will-be-legal-tender-in-five-countries-by-2022\/","title":{"rendered":"#BitMEX CEO predicts Bitcoin will be legal tender in five countries by 2022"},"content":{"rendered":"

“#BitMEX CEO predicts Bitcoin will be legal tender in five countries by 2022<\/strong>”<\/p>\n

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                Developing economies are more affected by issues related to remittances and inflation, BitMEX's CEO said.\n                <p>Countries in the developing world will soon follow in the steps of El Salvador and make Bitcoin (BTC)\u00a0legal tender, BitMEX CEO Alexander H\u00f6ptner recently predicted.\n<\/code><\/pre>\n
In an Oct. 6 blog post, H\u00f6ptner  expressed<\/a> support for El Salvador adopting Bitcoin as legal tender in September, predicting that developing countries will be \u201cleading the way\u201d in Bitcoin adoption:<\/p>\n
\u201cMy prediction is that by the end of next year, we\u2019ll have at least five countries that accept Bitcoin as legal tender. All of them will be developing countries.\u201d<\/p><\/blockquote>\n
According to H\u00f6ptner, developing countries will adopt Bitcoin faster due to three major factors including the growing need for cheaper and faster international remittances, massive inflation and political issues.<\/p>\n
As opposed to consumers in more developed countries, people in developing economies are more affected by issues related to cross-border payments and inflation, H\u00f6ptner  said.<\/p>\n
The CEO noted that remittances made up 23% of El Salvador\u2019s gross domestic product in 2020, while the World Bank assessed that low and middle-income countries receive about 75% of total global remittances. He added that people around the world are increasingly looking at Bitcoin as a solution to weather massive inflation, citing rapid crypto adoption in Turkey amid a 19.2% inflation rate.<\/p>\n
H\u00f6ptner  went on to say that El Salvador\u2019s Bitcoin move will make it easier for other countries to consider similar moves. \u201cBut if it\u2019s a reality that politics will play a big role in the adoption of Bitcoin as legal tender, it\u2019s also true that any failings by these leaders in the implementation phase may hurt wider adoption of cryptocurrencies in general<\/a>,\u201d he added.<\/p>\n
Related: <\/em><\/strong>70% of Salvadorans opposed to Bitcoin Law as Sept. 7 implementation draws near<\/em><\/strong><\/p>\n
A former CEO of German stock exchange Borse Stuttgart, H\u00f6ptner  took over as CEO of BitMEX in December 2020, replacing Arthur Hayes.\u00a0<\/p>\n
Hoptner is not alone in thinking that more countries will follow El Salvador\u2019s lead in adopting Bitcoin. Last month, Cardano founder Charles Hoskinson predicted that a lot more countries adopt cryptocurrencies. World-known computer programmer Edward Snowden also believes<\/a> that \u201clatecomers may regret hesitating.\u201d<\/p>\n
Some major figures in the cryptocurrency space have been hesitant to praise El Salvador’s crypto adoption, sparked by President Nayib Bukele. On Oct. 8, Ethereum co-founder Vitalik Buterin\u00a0criticized Bukele\u2019s app<\/a>roach to adopting Bitcoin,\u00a0arguing<\/a> that forcing businesses to accept a specific cryptocurrency is \u201ccontrary to the ideals of freedom that are supposed to be so important to the crypto space.\u201d<\/p>\n