Alex Hoeptner, the CEO of Bitmex, predicted that by the end of 2022, at least five countries would be using bitcoin. He also says that developing countries will jump at the chance to embrace the digital money due to remittance, inflation, and politics. El Salvador has become the first country to accept bitcoin as legal tender, and other countries are quickly following in their wake.
El Salvador recently hosted a Bitcoin Conference for 44 nations (32 central banks and 12 financial authorities), organized by the Alliance for Financial Inclusion. This also included countries with underdeveloped economies. The attendees learned about El Salvador’s plans to adopt the currency and how it could change the financial landscape for overseas economies.
Central bankers were given a demonstration on how to download and use the Bitcoin Beach Lightning Wallet. Some businesses in El Salvador still reject the law that they must use bitcoin in trade, but those that do accept the alternative currency are making good business.
Two competing card firms in Israel, Max and Isracard, are now working with crypto-related platforms, connecting their customers to the world of digital currency. Israelis can now purchase Bitcoin with investment and cash-back features.
Max is a major non-banking financial institution and Isracard is one of the biggest credit card companies in Israel. This is the first step to cryptocurrency being embraced on the world stage, beginning to integrate it with banking and in everyday life.
In February, Ukraine passed a law making Bitcoin legal in the country but not yet legal tender. President Zelensky vetoed the bill last year, saying the government couldn’t afford to create a new regulatory body, but it has since been amended so existing regulators can oversee the growing industry.
Ukraine has the world’s fourth-largest community of Bitcoin holders, including many MPs, and they are actively involved in popularizing the currency.
Following El Salvador, the Central African Republic (CAR) became the second country in the world and the first in Africa to adopt bitcoin as legal tender. A month after legalizing bitcoin, CAR announced plans to launch its first crypto investment hub, dubbed SANGO.
While these countries pave the way for the future, others will be seeing the benefits and looking to follow in their footsteps. There is already talk that large banks and big Wall Street firms are seriously considering their views on the subject. This change may redefine society’s relationship with money, spending, and the nature of personal banking, whether using multi-national corporations or even holistic financial planning.
One day, Bitcoin in the digital wallet may well become just as common as dollars in the pocket.
There’s no doubt that interest in cryptocurrency has increased exponentially over the past couple of years, with tech celebrities like Elon Musk investing 1.5 billion dollars in Bitcoin and even the US government talking about the need for regulations.
Since this is still a relatively new industry, it is hard to predict the long-term implications of Bitcoin’s high rises and sudden drops. Still, it is clear that cryptocurrency is here to stay as the world advances in technology and digital trade. An increasing number of countries seem to be embracing cryptocurrency, so it could well be here to stay.