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More Nations Will Accept Bitcoin as Legal Tender by The End of Next Year (2022) – Alex Hoeptner

Citing three reasons; the CEO of Bitmex exchange, Alex Hoeptner has predicted that more nations will accept and make Bitcoin its legal tender ends 2022, saying at least 5 countries will join in doing this after El Salvador paved the way.
In a blog post published last week, the CEO disclosed;

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.

Bitcoin fixes this, with it’s capped supply of 21 million. And developed countries – and/or their people – noticing.

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

Going into details, Hoepter explained that;

The immediate negative reaction and objection that followed the Bitcoin law in Central America shows the opinion of those Status quo and failed to realize that that developing Nations like El Savador are championing the adoption of digital payments and decentralization.

Hoeptner mentioned Remittances, Inflation, and Politics as a major factor and a driving force behind the adoption of decentralized digital currency by developing nations.

Referencing stats from World Bank, he points out that middle and low-income nations receives about 75% of total global remittances and $540 of these remittances gets to these low and middle income countries in 2020, pointing out that money service providers are taking off peoples money through charges, taking about 10% just to send money home

Also of concern is inflation. as forecast by the IMF (International Monetary Fund), the rate of inflation of developing countries is at 5.4% and that of developed countries at 2.4%, hence people seek for an alternative to fiat currency.

Hoeptner went further to explain that many politician or rulers are skilled and savvy, have an interest in positioning themselves as progressive, populist and new age thinkers.

The CEO cautioned that;

“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.”

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