Source: Adobe/Sielan

The CEO of the crypto exchange giant BitMEX Alexander Höptner suggested that other nations will quickly follow the lead of El Salvador President Nayib Bukele and the latter’s relocation last month to approve bitcoin (BTC) legal tender status. Höptner declared that “a minimum of 5 nations” will “accept bitcoin as legal tender” prior to next year is out.

In an article, the CEO declared that Bukele’s relocation was admirable and struck out at its lots of naysaying critics in the mainstream Western media. He mentioned that the relocation “should have appreciation, not derision.”

But his boldest forecast was that other countries would quickly follow in Bukele’s steps. Höptner composed:

” My forecast is that by the end of next year, we’ll have at least 5 nations that accept Bitcoin as legal tender. All of them will be establishing nations. […] I believe establishing nations will delve into crypto in 2022.”

The CEO didn’t define what those 5 nations may be.

Höptner rejected that his post was a “love letter” to Bukele, and cautioned that the crypto sector must avoid paying excessive attention to “people”– offering the example of Elon Musk’s nearly vice-like control over dogecoin (DOGE) costs previously this year.

The BitMEX supremo provided a variety of reasons that he believed “establishing” countries would be eager to leap onboard the BTC train, particularly:

Remittance advantages

With lots of economies “reliant on remittances” for a big portion of their earnings, the requirement for lower-cost, “24/ 7/365” transfers is high. He included, remittance figures “would be a lot greater– and households in establishing nations would remain in a much better position– with a less expensive technique of remitting funds.”

Fighting inflation

Höptner kept in mind that the International Monetary Fund(IMF) anticipates inflation in the establishing world to strike 5.4%this year– double the figure forecasted for richer economies. While “individuals look for options to fiat currency throughout inflation crises,” he suggested that bitcoin repairs this with its capped supply of 21 m coins. He declared that “industrialized nations and/or their individuals are seeing.”

Political point-scoring

The BitMEX CEO declared that world leaders “have an interest in placing themselves as progressive, populist and new-age thinkers”– and will be wanting to make a political declaration by embracing comparable policies to Bukele.

However, Höptner included a caution, composing:

” Any failings by leaders in the application stage might harm larger adoption of cryptocurrencies in basic. That’s the hazardous issue that lies ahead.”

And he concluded by saying countries “who have the most to lose by continuing the status quo are acting in their self-interest” if they choose to “check out alternative choices” such as bitcoin adoption.

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