5 developing countries will accept Bitcoin by the end of 2022: BitMEX CEO predicts


NEW DELHI: The CEO of cryptocurrency exchange, BitMEX, Alex Hoeptner has spoken about Bitcoin adoption in developing countries.
Hoeptner’s article ‘Developing Countries are leading the way in Bitcoin Adoption’ published on October 6 on the BitMEX blog explores the future of Bitcoin adoption in countries that are currently undergoing financial distress like El Salvador.
Hoeptner substantiated his prediction with three reasons:
* Remittances as one of the key reasons.
– He quoted a World Bank’s report, according to which middle and low-income countries receive about 75 percent of the total global remittances.
– However, the current services providers charge as high as 10 percent for sending money home.
– Bitcoin addresses the issue with extremely low fees and quicker and 24×7 transactions.
* Inflation is the second cause which will accelerate to 5.4 per cent from current 5.1 per cent in developing countries in 2021 according to IMF forecasts.
– In Turkey, when inflation jumped to 15 per cent in 2021, crypto adoption also surged and the subsequent ban on the use of crypto for buying goods and services led to a further increase in inflation.
– Bitcoin, which is a popular inflation hedge, addresses this problem with its limited stock of 21 million coins.
* Politics is the third factor, as there are many skilled and tech-savvy politicians who are keen to position themselves as progressive and populist leaders.
– Hoeptner said that Bitcoin is an embodiment of technology, value, payment means, a culture and most of all the manifestation of people’s lack of faith in the global financial system.
– Politics can help in adoption of Bitcoin as a legal tender but the failures of these political adoptions can also harm the wider adoption of cryptocurrencies.
Hoeptner concluded that the countries living in persistent unequal financial systems are turning towards Bitcoin in their own self-interest.
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