TL;DR Breakdown
- BitMEX CEO predicts more countries would adopt BTC as legal tender.
- Says growing need for cheaper and faster international remittances, massive inflation, and political issues are reasons countries would adopt BTC.
BitMEX CEO Alexander Höptner has speculated that by 2023, other developing countries would follow El Salvador’s footsteps to make Bitcoin a legal tender.
In a recent blog post, the CEO made the prediction as he lauded El Salvador for adopting Bitcoin as a legal tender and described them as leading the way 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.”
Speaking further in an interview, the BitMEX CEO mentioned countries like Brazil and the Philippines to be among jurisdictions that would adopt Bitcoin as legal tender next.
“I think it’ll be like dominoes dropping, particularly when it looks likely that a powerhouse emerging economy like Brazil is set to make a move. With elections scheduled in places like Lebanon, Kenya, and the Philippines next year, look out for campaign pledges to make Bitcoin legal tender too,” he said.
He highlighted three reasons why developing economies would be attracted to Bitcoin. One is the growing need for cheaper and faster international remittances, massive inflation, and political issues.
Outside BitMEX CEO Charles Hoskinson makes same speculation
Charles Hoskinson, Cardano (ADA) developer, has also predicted that more countries would follow El Salvador to make Bitcoin their legal tender.
“In the coming years, many more nation-states will use crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements, […] or potentially just simply taking a cryptocurrency as El Salvador has done and make it the national currency.”
World-renowned computer programmer who is also a crypto enthusiast Edward Snowden also said that those who adopt Bitcoin late might eventually regret not doing it earlier.
