El Salvador’s decision to formalize Bitcoin as legal tender within its borders has caused some controversy.

While some locals expressed their discontent, many prominent names such as “Michael Saylor” praised the move as an unusual move that could shake the world.

The world has yet to discover whether this will be the beginning of a successful monetary revolution or another attempt by a prominent political figure aimed at winning power and support.

in Blog Post Recently, Alexander Hubner, CEO of crypto derivatives trading platform BitMEX, has positioned himself alongside those who believe this could be a very useful initiative.

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The executive said it is not surprising that all those who preside over the current financial system, such as the World Bank, have attacked El Salvador so hard.

In his speech, he indicated:

What critics fail to realize is that developing countries like El Salvador are leading the world in adopting decentralized digital currencies and payments.

In addition, he expects at least five developing countries to follow suit in 2022.

Here are the main reasons that will lead Bitcoin to further adoption, according to the CEO of the “BitMEX” platform:

Transfers:

A large percentage of people coming from countries like El Salvador work abroad to send money to their relatives and thus provide them with a better lifestyle back home.

But leading money service companies charge high fees and have slow transactions.

While Bitcoin, with its negligible fees and fast 24/7/365 transactions, could be the best solution to this problem.

Inflation:

The next reason Huebner gave is the risk of rising inflation after the consequences of the Corona pandemic, and it goes without saying that developing countries will struggle much more than advanced economies.

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And when inflation begins to destabilize the financial network, people usually look for alternatives to fiat currency such as Bitcoin.

BitMEX CEO stated:

With inflation rising to over 15 percent this year in Turkey, cryptocurrency adoption has skyrocketed.

Turkey responded by quickly banning the use of cryptocurrencies for goods and services, but inflation is now at 19.25 percent.

Several other notable names have supported the idea that the primary cryptocurrency can be a successful hedge against an economic crisis.

Exploit the power of Bitcoin from politicians:

Bitcoin is not just a digital currency.

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It is also a modern technology, a store of value and, according to many, the financial system of the future.

As such, politicians will have an interest in positioning themselves as progressive and populist thinkers and consider creating a new era if they decide to make it an official means of payment, BitMEX CEO stated.

Despite being a supporter of such an initiative, Huebner warned that senior politicians might increase their popularity not because of what they have achieved during their work but because of bitcoin.

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