BitMEX CEO Alexander Höptner is confident that El Salvador’s example is just the first of many other countries to follow in making Bitcoin a legal tender.
El Salvador launched Bitcoin as a legal tender on September 7 in a world first which Höptner believes won’t be a last. The somewhat controversial move was welcomed by some and booed by others.
However, Höptner is confident that several other countries will launch Bitcoin as a legal tender in the coming year.
“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“, Höptner said. He is also confident that developing countries will seek to adopt Bitcoin quicker.
Consumers in more developed countries tend to be somewhat more opposed to digital currencies for the time being, the chief executive argued. He also said he believes that El Salvador has blazed a trail, allowing for others to follow suit much quicker.
Naturally, politics will also play a big role in the adoption of BTC as a legal tender. He is not alone in believing that BTC will become a legal tender in more countries, with Cardano founder Charles Hoskinson also making a similar assumption. Presently, such legal tenders are championed by “Bitcoin maximalists” who welcome the idea.
While El Salvador has shown a way, though, not everyone is entirely happy with the manner in which this has happened. Ethereum founder Vitalik Buterin called the El Salvador experiment contrary to the very idea of cryptocurrency and Bitcoin.
The World Bank cautioned El Salvador earlier this year that its approach may have serious consequences for the country’s economy and the bank refused to assist the country with the roll out of its legal tender.
Meanwhile, cryptocurrencies continue to beckon to players who are keen on testing digital platforms. Bitcoin is a popular betting option at Bitcasino, 1xBit and FortuneJack.