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Bitmex CEO says 5 Countries Will Accept Bitcoin as Legal Tender by End of Next Year

The CEO of cryptocurrency exchange Bitmex makes predictions on having additional 5 counties accepting bitcoin as a legal tender. More so, He goes on to highlight three factors why he believes so.
He concludes by saying, “Developing countries will jump into crypto in 2022,”

Furthermore, there’s a bitcoin adoption prediction by the CEO of cryptocurrency exchange Bitmex, Alex Hoeptner. He says that developing countries will take the lead in bitcoin adoption.

“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.”

According to Bitmex CEO, More Countries Will Adopt Bitcoin

The CEO offered three main factors driving the adoption of bitcoin in developing countries and why he came up with this prediction.

More so, the first factor is remittances. Remittances made up 23% of El Salvador’s GDP in 2020. Alex continues explaining,

While using the data from the World Bank, he points out the low and middle-income countries receive about 75% of total global remittances and $540 billion in remittances.

“This money has got to find a way home somehow,”
Bitmex CEO says,
“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.”

Secondly, another factor is inflation. The International Monetary Fund (IMF) predicts how developed countries in 2021 will go into inflation at 2.4% and 5.4% for developing countries.

Also, Bitmex CEO explains how people are looking out for alternatives to fiat currencies as inflation rises.

Additionally, he says
“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%.”

Bitmex CEO goes to explain further,

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

Thirdly, another factor is politics. Bitmex CEO explains how politics, noting that politicians or rulers see themselves as
“are skilled and savvy, and have an interest in positioning themselves…”
“as progressive, populist, and new age thinkers.”

Lastly, Bitmex CEO adds,
“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,”

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

The CEO concludes as he warns,
“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.”

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.