Developing countries are likely to follow the footsteps of El Salvador and make BTC (Bitcoin) legal tender. Alexander Höptner, the CEO of BitMEX, recently said so.
In a recent blog post, the CEO backed the decision of El Salvador for embracing BTC as a legal tender in the month of September this year. He predicted that developing nations would lead the way to adopt Bitcoin.
Other developing economies are likely to follow
He predicted that by the end of 2022, there would be a minimum of five other nations that would accept BTC as legal tender. The CEO predicted that all these would be developing nations. Höptner was interacting with Cointelegraph when he predicted the trend. He mentioned that nations such as the Philippines and Brazil could be the next two countries to embrace BTC as their legal tender.
He added that countries such as the Philippines, Kenya, and Lebanon have elections scheduled. It is highly likely that there will be election pledges to make the cryptocurrency legal tender there.
The CEO feels developing nations will embrace BTC faster because of three major reasons. First, there is a growing requirement of faster and cheaper international remittance, and second, because of political issues. Massive inflation is the third reason for this likely move in the near future.
Contrary to customers in developed nations, people in developing countries are more impacted by inflation issues and cross-border payments, according to Höptner. He further added that the Bitcoin move of El Salvador would show the way to other nations to take similar steps.