Alexander Höptner, the Chief Executive Officer (CEO) of BitMEX, said that decision and actions by El Salvador deserve praise, not ridicule from international monetary authorities. BitMEX is a well-known crypto derivatives trading platform.
El Salvador has adopted Bitcoin as its legal tender and has received a mixture of comments from industry experts. Höptner said that the BTC adoption was a result of the country’s requirement to find a better alternative than what the financial ecosystem was offering.
According to the CEO, developing nations have already taken many years to analyze what financial system works for their people and what does not. He added that they accept their weaknesses to make effective monetary policy decisions. This is why many countries are willing to try out new powerful things like Bitcoin.
He said that he expects that at least five countries will follow the path of El Salvador and adopt BTC as their legal tender before 2022 ends.
Increasing Bitcoin adoption in developing nations like El Salvador
Höptner says that the most important factor that is driving Bitcoin’s embrace and adoption in developing countries is their requirement to bring a cheaper remittance. He believes that the actions of El Salvador will be a live example and test for many other countries.
He added that the major resource for developing countries is human capital and sending money to the family is not very sustainable using the existing financial payment methods. Eventually, we can see more countries adopting BTC for its fast speed, low fees, and solid technology.
The CEO of BitMEX further stressed the necessity to cope with high inflation. He said that there is a need for government leaders to make history by legalizing BTC and motivating others to adopt it too.
In all, Höptner closed his statement by reprimanding individuals who themselves use the cryptocurrencies and blockchain system and criticize countries like El Salvador for such bold decisions.
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