Bitcoin Will Become Legal Tender in Five Countries Next Year: Bitmex CEO

11 October 2021 | Updated: 11 October 2021

CEO of behemoth cryptocurrency exchange Bitmex Alex Hoeptner has made some brow-raising predictions for Bitcoin adoption. The Bitmex executive recently stated that:

“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.”

Hoeptner defended his prediction by offering three factors that could drive the adoption of BTC in developing countries.

Hoeptner’s Reasons for Bitcoin Adoption as Legal Tender by Nations

The first factor is remittance. The CEO noted that remittances constituted 23% of El Salvador’s GDP in 2020.

Referencing data from the World Bank, the Bitmex executive noted that low and middle-income countries receive 75% of the total global remittance. Hoeptner argued that: “This money has got to find a way home somehow. But the current system of remittances – led by money service providers like Western Union – is ripping people off by charging them an average of 10%, just to send money home the next business day.”

Alex Hoeptner’s second factor for Bitcoin adoption by countries is inflation. He illustrated that as inflation across the globe taps significant highs, people have become more disgruntled and seek alternatives to fiat currencies amid the inflation crises. He explained that: “As inflation climbed well above 15% this year in Turkey, crypto adoption surged. Turkey responded by quickly banning the use of crypto for goods and services, but inflation is now at 19.25%.”

Hoeptner added that:

“Bitcoin fixes this, with its capped supply of 21 million. And developed countries – and or their people – are noticing.”

Finally, the CEO’s third factor is politics. Hoeptner argued that many politicians or rulers across the globe “are skilled and savvy, and have an interest in positioning themselves as progressive, populist, and new age thinkers.”

He argued that: “Over the next year, and as El Salvador works out the kinks in its rollout, savvy politicians will be thinking of how they can take a similar path, and how it might benefit both them and their constituents.” The executive elaborated that:

“What El Salvador did is take the first leap of faith, making similar moves by other countries much easier to consider.”

However, the CEO warned that: “Any failings by these leaders in the implementation phase may hurt wider adoption of cryptocurrencies in general. That’s the dangerous dilemma that lies ahead.”

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.