Alexander Hoptner (CEO of BitMEX), stated in a blog that more countries would soon adopt Bitcoin (BTC). Hoptner predicts that five countries will accept the largest crypto market capitalization by the end of next years.
BitMEX CEO praised El Salvador’s decision to accept Bitcoin legal tender. He also gave reasons why five other countries would adopt the cryptocurrency.
He first emphasized the importance of remittances. “This is a crucial factor for many developing countries whose main export product is human capital. To help pay rent, send children to school, and purchase groceries, citizens working abroad must send money home. […] The money must find its way home somehow. The current system of remittances is led by money service providers such as Western Union. They charge people an average of 10% to send money home within the next day. This is wrong and heartbreaking. People deserve better.”
Hoptner also mentioned that inflation is another reason that countries could embrace Bitcoin, without specifying which countries. He stated that BTC could solve the inflation problems that many developing countries face today. While consumers in advanced economies may be better equipped to weather shocks than those in developing countries, they are still vulnerable to price increases. Hoptner stated that even if governments don’t act like El Salvador, people look for alternatives to fiat currency in times of inflation crisis.
It Is Not Only about a Means of Payment: BitMEX CEO
BitMEX chief stated that Bitcoin is more than a payment method. It’s also true, however, that political leaders will have a major role in the adoption and implementation of Bitcoin. This could lead to a decrease in adoption of cryptocurrency in general. He said that this is the danger ahead.
Nayib Bukele (El Salvador President) announced last week that the first Bitcoin (BTC, ) was successfully mined using volcanic geothermal power.
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