The President of El Salvador, Nayib Bukele, popularly known as the ‘Bitcoin President’, gave five predictions for Bitcoin in the year 2022. One of his stern predictions includes the price of Bitcoin trading at $100,000 per coin.
The president also predicted that two more countries will join El Salvador to adopt Bitcoin as a legal tender in 2022.
His tweet stated, “2022 predictions on #Bitcoin:
- Will reach $100k
- 2 more countries will adopt it as legal tender
- Will become a major electoral issue in US elections this year
- Bitcoin City will commence construction
- Volcano bonds will be oversubscribed
- Huge surprise at @TheBitcoinConf.”
What you should know
Last year, El Salvador became the first country to adopt Bitcoin as legal tender under Bukele’s presidency, in an attempt to combat high inflation in the country.
Since Bitcoin became a legal tender, the nation has acquired a total of 1,370 BTC to its reserve, buying the dip whenever there has been a major price correction in the flagship asset and reinvesting its unrealized gains into new infrastructure projects including a hospital and a school.
As per his tweets, the President is also expecting explosive growth for El Salvador’s two in-house BTC-based initiatives which includes Bitcoin City and Volcano bonds. As previously reported by Nairametrics, the president unveiled Bitcoin City as full-fledged metropolis with residential and commercial areas, restaurants, an airport as well as a port and rail service. A key feature of the upcoming city is that the city will have no income, property, capital gains or payroll taxes.
Since the President is expecting the commencement of Bitcoin City’s construction this year, it implies that the nation will be able to raise its $1 billion BTC bonds-backed virtual city. Along with this development, he predicts an oversubscription of the Volcano bonds.
The President also predicts that Bitcoin will become a major electoral issue in United States elections this year and told his Twitter followers to be on the lookout for “a huge surprise” at Bitcoin 2022 conference.
El Salvador’s mainstream Bitcoin adoption met with a series of technical hurdles, the latest being reports of missing funds from the country’s in-house Bitcoin wallet, Chivo. According to reports, at least 50 Salvadorans reported losses totalling more than $96,000 in December, due to an alleged unknown glitch in the Chivo wallet.