Alex Hoeptner, the CEO of Bitmex, believes at least 5 developing countries will have accepted bitcoin by the end of 2021 as legal tender following El Salvador, which has become the first country to make bitcoin a legal tender.

Hoeptner mentioned three key factors pushing developing countries to accept bitcoin as a legal tender:

(1) Remittances. Ex. They constituted 23% of El Salvador’s GDP in 2020.

(2) Inflation. IMF predicts a 5.4% inflation rate for developing countries for 2021.

(3) Politics. Many politicians want to position themselves as progressive and new-age thinkers.