BitMEX CEO Gives Three Reasons Why Five Countries Could Legalize Bitcoin in 2022

El Salvador’s decision to officially make bitcoin a legal tender inside its borders has caused some controversy. While some locals expressed their dissatisfaction, many prominent names such as Michael Saylor praised the move as “extraordinary” and “world-shaking.” The world is yet to find out whether this would turn out to be the beginning of a successful monetary revolution or another attempt from a top political figure who aims to win power and support. In a recent blog post, Alexander Höptner – Chief Executive Officer of the cryptocurrency derivatives exchange BitMEX – placed himself next to those who believe this could be a highly beneficial initiative. The executive said he is not surprised that all those heading the current financial system, such as the World Bank, Moody’s Investors Service, and more vigorously attacked El Salvador. However, “what the critics fail to recognize is that developing countries like El Salvador are leading the world in embracing decentralized digital currencies and payments,” Höptner added. Moreover, he predicted that at least five developing nations would follow this experiment in 2022. And here are the arguments. Remittances A substantial percentage of people coming from countries like El Salvador work abroad to send funds to their relatives and thus provide a better lifestyle for them back home. And while leading money service companies are “ripping people off” with high charges and slow transactions, bitcoin “with its near-negligible fees and quick 24/7/365 transactions” could be the best solution to the problem, according to Höptner. This is not the first time when BitMEX’s CEO compares digital assets and traditional finance. In a recent interview for CryptoPotato, he said the developments that are going on in the crypto field are happening at a “much faster pace:” “What we’ve seen happen in the traditional financial world in the past 30 years happened in 2 years [in the crypto industry].” Alexander Hoptner, Bitmex CEO. Image by: RYT9 Inflation The next reason that Höptner gave is the risk of rising inflation after the consequences of the COVID-19 pandemic. It goes without saying that developing countries would struggle much more than advanced economies.…

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