Bitmex CEO has predicted that at least five countries will provide legal tender to Bitcoin by the end of next year. Developing countries will jump into the crypto market, he added. He also explained the main three reasons why he reached this conclusion.
The crypto market is already making a lot of progress in terms of adoption by the common people. El Salvador accepting BTC as payment was another leap of faith for the whole market. The user of crypto has been increasing at an alarming rate. Now, Bitmex CEO has predicted that at least five countries will legalize Bitcoin by the end of next year.
Bitmex CEO has predicted adoption of crypto by 5 countries. why?
Bitmex CEO has predicted and explained the situation by stating:
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.
Bitmex CEO has also explained the main reasons for him to reach that conclusion. He has provided three main factors. The factors explained by the CEO are remittances, inflation, and politics. He explained the first factor stating the facts from the world bank which says that remittances made up 23% of El Salvador’s economy. He also added that middle or low-income countries accept 75% of the total remittances. He explained that the current money exchange system is fractured and people will eventually go for crypto.
The second factor explained by the Bitmex CEO was inflation. He explained that people will look for alternatives to fiat currency when inflation is high. IMF has stated the facts about the inflation that developed countries will see the inflation factor of 2.4% and developing countries a factor of 5.4% in 2021.
The third factor is politics. He explained that many politicians or rulers are skilled and savvy, and have an interest in positioning themselves as progressive, populist, and new age thinkers.
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