The CEO of crypto exchange giant BitMEX, Alexander Höptner, said other countries will soon follow the example of El Salvador’s President Nayib Bukele and the subsequent move last month to grant auction status as legal tender for Bitcoin (BTC). Höptner claims that at least 5 countries will accept Bitcoin as legal tender by the end of next year.
In a blog post, the CEO stated that Bukele’s move was commendable and met with a lot of criticism in the western mainstream media. He said the move is “commendable, not ridiculous”.
But his boldest prediction is that other countries will soon follow in Bukele’s footsteps. Hoptner wrote:
“My prediction is that by the end of next year we will have at least 5 countries that accept Bitcoin as legal tender. They will all be developing countries. I think developing countries will get into the crypto space by 2022. “
Höptner didn’t name 5 countries that would accept BTC, but denied that his post was a “love letter” to Bukele and warned that the crypto sector shouldn’t pay too much attention to “individuals” at the Dogecoin (DOGE) price earlier this year .
The BitMEX boss gave several reasons why he believes “developing countries” want to jump on the BTC bandwagon:
Referral services
Since many economies “depend on remittances” for much of their income, the need for “24/7/365” money transfers at lower costs is high. Remittance numbers “will be much higher – and families in developing countries will be in a better position – with a cheaper way to send money,” he added.
Anti-inflation
Höptner said the International Monetary Fund (IMF) expects inflation in developing countries to reach 5.4% this year – twice as much as forecast for wealthier economies. While “people are looking for alternatives to fiat currencies during inflation crises,” he believes Bitcoin will fix this with a limited supply of 21 million coins. He stated that “developed countries and / or their people are paying attention”.
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Political point
BitMEX CEO claims that world leaders “are interested in positioning themselves as progressive, populist, and new-age thinkers” – and hope to make a political statement by following the same guidelines as Bukele.
However, Höptner added a word of caution and wrote:
“Any failure by executives in the implementation phase could affect the wider adoption of cryptocurrencies in general. That is the dangerous dilemma that lies ahead of us. “
And he concludes by stating that countries “those who have the most to lose if they maintain the status quo are acting in their own interests” when they choose to “explore alternatives”, such as: B. the use of Bitcoin.
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