Five Countries Make Bitcoin Legal Tender By End Of 2022

  • “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,” the BitMEX CEO wrote.
  • High inflation rates, hefty remittance fees, and political incentives might spur developing countries to follow El Salvador’s steps and adopt BTC as a legal tender next year.
  • In Alexander Höptner’s opinion, mainstream media criticism of the Central American country’s Bitcoin law is unfair.

The recent move by El Salvador to make bitcoin a legal tender alongside the dollar spurred some criticism worldwide, but mainly among mainstream media, such as the Financial Times and Wall Street Journal, and renowned financial institutions, including the International Monetary Fund (IMF) and the World Bank.

Alexander Höptner, the CEO of bitcoin exchange BitMEX, explained in a blog post on October 6 that the immediate backlash sparked by the Bitcoin law in the Central American country reflects the opinion of those who benefit from the status quo.

“What the critics fail to recognise is that developing countries like El Salvador are leading the world in embracing decentralised digital currencies and payments,” Höptner wrote. “They’ve had decades to analyse how the global financial system works – and doesn’t work – for their populations. They acknowledge their powerlessness to influence monetary policy decisions that can have grave consequences on their citizens.”

Höptner went on to explain that making bitcoin a legal tender as El Salvador did in September doesn’t mean a complete opt-out of the established financial system. Instead, it means countries are looking for alternatives to better benefit their population and economy.

Source link Bitcoin Magazine

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