www.banklesstimes.com
HomeNewsBitMEX Boss Says 5 More Nations Will Follow El Salvador Crypto Adoption
BitMEX Boss Says 5 More Nations Will Follow El Salvador Crypto Adoption

BitMEX Boss Says 5 More Nations Will Follow El Salvador Crypto Adoption

Last updated 23rd Sep 2022
Disclosure

The CEO of crypto exchange BitMEX, Alexander Hoptner, has said that other countries will soon follow in the footsteps of El Salvador president Nayib Bukele and the country’s move to grant Bitcoin (BTC) as legal tender. Hoptner suggested that at least 5 countries will soon accept BTC as legal tender before the end of 2022. 

The CEO made his claims in a blogpost in which he said that Bukele’s move was praiseworthy and hit out at critics in the mainstream western media. He stated that the move “deserves praise, not derision.” 

Hoptner’s boldest prediction was that other countries would soon follow El Salvador’s example writing: “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. […] I think developing countries will jump into crypto in 2022.”

The CEO did not further specify what those five countries might be. 

Hoptner has denied that his post  was a “love letter” to Bukele and wanted that the crypto sector should not pay too much attention to individuals- using Elon Musk’s control over Dogecoin prices earlier this year as an example. 

1
eToro
Minimum Deposit
$10
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

The BitMEX CEO gave a number of reasons as to why he thought developing countries would jump aboard the Bitcoin train, including: 

Remittance benefits

Many economies are reliant on remittances for a large chunk of their income. Therefore, the need for lower cost transfers is high. He explained that adopting BTC as legal tender would put families in developing countries in a better position to cheaply remit funds. 

Fighting inflation

The International Monetary Fund expects inflation in developing countries to reach 5.4% this year. Hoptner noted that Bitcoin could fix this with its capped supply of 21m coins. He claimed that developing countries are starting to notice this.

Political point-scoring

Hoptner noted that world leaders have the desire to position themselves “as progressive, populist and new-age thinkers” and will be attempting to make a political statement by following the footsteps of Bukele. 

Hoptner concluded his post by saying that nations “who have the most to lose by continuing the status quo are acting in their self-interest” if they decide to “explore alternative options” such as bitcoin adoption.

Ruby Layram

Ruby Layram

Ruby is a writer for Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. Ruby has been a professional personal finance and investment writer for 2 years and is currently building her own portfolio of altcoins. She is currently studying Psychology at the University of Winchester, specialising in Statistical analysis.