BitMEX chief executive officer Alexander Höptner is predicting that five developing nations will follow in El Salvador’s footsteps and adopt Bitcoin (BTC) as legal tender by next year.
In a blog post, the head of the crypto exchange says BTC will help citizens of developing countries financially by reducing the transaction fees associated with sending money across the globe.
“Remittances made up an astounding 23% of El Salvador’s GDP (gross domestic product) in 2020. Across the world, it’s nearly 10% of GDP in the Philippines, which has over 10 million overseas Filipino workers. According to World Bank data, low and middle-income countries receive about 75% of total global remittances.
This money has got to find a way home somehow. But the current system of