Alexander Höptner, CEO of crypto exchange giant BitMEX, made evaluations about Bitcoin and the crypto market in a blog post he shared.
After stating that El Salvador’s Bitcoin move was admirable, Höptner opposed the criticism in the western media, emphasizing that this move deserves praise, not ridicule.
The government of El Salvador chose to try something new. What critics fail to understand is that developing countries like El Salvador are leading the world in adopting decentralized digital currencies and payments.
The famous CEO, who said that El Salvador’s acceptance of Bitcoin as a legal currency had great repercussions in other countries, stated that these countries would follow the Bitcoin move.
My predictions are that at least five more countries will accept Bitcoin as their official currency before the end of next year. All of these will be developing countries. I think developing countries will enter the crypto market in 2022.
While the CEO did not reveal the names of these five countries, he stated that the remittance advantage was effective in the acceptance of Bitcoin as a legal currency by these developing countries.
Considering that many countries rely on foreign remittances for their economic income, the need for lower cost transfers is increasing. People in countries that accept Bitcoin as legal currency can thus have more money.
Höptner rejected the claim that his thoughts were almost a “love letter” to El Salvador’s President Bukele and gave the example of Elon Musk. Citing Musk’s control over Dogecoin (DOGE) prices earlier this year, he said the crypto industry should avoid placing too much emphasis on “individuals.”