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BitMEX CEO: Bitcoin to Become Legal Tender in Five Countries by End of 2022

UTC by Juhi Mirza · 2 min read
BitMEX CEO: Bitcoin to Become Legal Tender in Five Countries by End of 2022
Photo: Depositphotos

Höptner also explained that the worldwide adoption of Bitcoin does not necessarily mean that the traditional financial infrastructure will be considered useless.

In a blog post updated on Wednesday, Höptner has extended his support to El Salvador’s BTC adoption drive. According to BitMEX CEO, developing countries will adopt Bitcoin because of three major reasons, the central being the nations requiring a faster and cheaper method to ensure remittance processing. Höptner further highlighted that developing economies have been experiencing heavy pressure lately which has been derived exclusively from the issues related to cross-border payments and processes.  Such issues require instant redressal which can be availed by making Bitcoin a legal tender in many emerging economies.

BitMEX CEO Believes Bitcoin Adoption Can Weather Inflation Spikes

Höptner additionally stated that remittances made up 23% of El Salvador’s gross domestic product. Meanwhile, the world bank has issued statistics stating that the low and middle-income countries receive a total of 75% of global remittances. Höptner cited the example of Turkey, stating how the nation accelerated its crypto drive when the country was experiencing a turbulent inflation phase of 19.2%. He also stated that the world is perceiving Bitcoin as a competent solution that can be used to stabilize heavy inflation rates in the majority of nations.

BitMEX CEO further commented that El Salvador’s move to adopt BTC early will compel other nations and countries to assess the associated pros and cons of adopting BTC in the long run. Höptner is not the only one who believes in the supremacy of Bitcoin to suppress inflationary blocks. The founder of Cardano, Charles Hoskinson had earlier predicted that the majority of the countries in the future will consider Bitcoin as a possible game-changer in the world of digital payment assets. Edward Snowden, a renowned computer programmer has also expressed his support towards cryptocurrency and has stated that latecomers might regret it later if they are reluctant towards adopting this new technological change.

Höptner also explained that the worldwide adoption of Bitcoin does not necessarily mean that the traditional financial infrastructure will be considered useless. But the countries should always look for better, more sophisticated, and faster payment options and alternatives that can benefit their nations and population as a whole.

Alexander Höptner was appointed as the CEO of 100x Group in 2020. 100x Group is a holding group for HDR global trading limited that manages and operates the BitMEX platform.

Bitcoin News, Cryptocurrency news, News
Juhi Mirza
Author Juhi Mirza

Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.

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