El Salvador became the first country to make Bitcoin a legal tender. When we look back, this event will seem like one of the biggest in the history of the financial world. It looks just like the 10,000 Bitcoin purchase of two Pizzas that showed that BTC could be used as a medium of exchange. While the revolution has begun, Bitmex CEO says that by 2022 end 5 countries will make BTC legal tender. So, let’s take a look at what is his reasoning behind the same.
Bitcoin adoption will be high in 2022
BitMex CEO thinks that in 2022 there will be high adoption of Bitcoin among countries. He says a lot of “Developing countries will jump into crypto in 2022”. This means we can expect that more than 5 countries will adopt it by the end of the year. A lot of countries are not doing great financially. There is inflation, and people do not have access to banking services to make transactions or just store and preserve the value of their money. This is the reason that Bitcoin could easily find a way in these countries, just like it did in El Salvador.
Bitcoin solves some very critical problems that have plagued many countries. The first one is definitely inflation. In countries like Venezuela, where inflation is so high that the prices of goods increase every two weeks, Bitcoin is the only savior. In fact, the adoption is already high, and it is just a matter of time before it becomes legal tender. Then we have the problem of not having enough infrastructure to give banking services to the poor. They can use Bitcoin to keep access to their money and also grow it with time.
The chronology
In 2022 we might not see any major nations make BTC a legal tender. First, it will be small, underdeveloped, or developing nations that are in immense need of a non-inflationary currency. And then it will slowly be followed by other nations when they see the benefits. Slowly, we can expect most of the countries to adopt Bitcoin by the end of this decade. This is because there is nothing that beats BTC, and I don’t see someone making anything better.
What are your thoughts on Bitmex’s CEO saying that at least 5 countries will make BTC legal tender by 2022 end? And do you think that Bitcoin will solve the problems of developing countries? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
