September 30, 2022

President Bukele Predicts BTC At $100k With Hope That More Countries Adopt It As Legal Tender

3 min read

El Salvador President Nayib Bukele tweeted his forecasts for Bitcoin in the year on New Year’s Day 2022, making some rather bullish forecasts.

Bukele Make Bullish Predictions On Bitcoin

Under Bukele’s presidency, El Salvador ended up being the very first federal government to welcome Bitcoin as legal tender in 2015 as a countermeasure to the nation’s rising inflation. Since the country’s legalization, the president has actually bought 1,370 BTC for the nation’s reserve and invested the unrealized gains in new facilities jobs like a health center and a school.

In 2022, President Bukele expects two more countries to join El Salvador in embracing Bitcoin as legal tender. He likewise predicted a bull run that would press the cost of Bitcoin to a new all-time high of $100,000.

2022 predictions on #Bitcoin:

– Will reach $100k – 2 more nations will adopt it as legal tender – Will end up being a significant electoral problem in US elections this year – Bitcoin City will commence building – Volcano bonds will be oversubscribed – Huge surprise at @TheBitcoinConf

—– Nayib Bukele 🇸🇻

( @nayibbukele) January 2, 2022 Out of the six forecasts he made, it appears that “2 more countries will embrace it as legal tender” is rather cogent.w On September 7, 2021, El Salvador became the first federal government to make BTC legal tender, firing up a transformation that drew the attention of many other world leaders. This is an appealing declaration, particularly after El Salvador’s ambassador to the United States, Milena Mayorga, specified that if Bitcoin adoption succeeds in El Salvador, other countries “will follow.”

Another point worth keeping in mind is that he believes Bitcoin will end up being a big election topic in the United States this year. Parliamentary elections will be held in the nation, and this may be one of the essential issues of conversation in the United States. This might have a substantial effect on the cryptocurrency market and how companies handle virtual currencies.

Numerous politicians have expressed support for the possession class, consisting of 2020 Democratic presidential prospect Andrew Yang and Republican senators Cynthia Lummis and Warren Davidson. Other political leaders in the United States have expressed their issues about the issue. Senator Elizabeth Warren, for example, believes it favors just the rich. As more legislators get educated on the topic, it will be remarkable to see how Bitcoin policy establishes in the United States.

BTC/USD Fall further from christmas high. Source: TradingView

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Bitcoin City To Begin

El Salvador is also planning to begin development on the so-called Bitcoin City in 2022. This might be vital for Bitcoin organizations and financiers wanting to develop across the continent. He anticipates that volcano bonds will be oversubscribed and that there is going to be a huge surprise at the Bitcoin Conference this year.

Late last year, El Salvador announced plans to issue $1 billion in bonds to fund the purchase of more bitcoin along with electricity and mining infrastructure. The task’s geothermal energy will be aided by the future city’s proximity to the volcano.

In a follow-up tweet, the President stated, “This tweet will age well.” Bukele’s predictions appear to be specific, however we’ll have to wait and see when and if they all become a reality this year.

Related article|El Salvador Calls Another Bitcoin Dip With 150 BTC Purchase

Featured image by BBC, Chart from TradingView.com