El Salvador’s president has made six predictions relating to bitcoin for 2022. He expects two more countries to adopt bitcoin as legal tender this year. Meanwhile, he expects El Salvador’s Bitcoin City to commence construction during the year and his country’s volcano bonds to be oversubscribed.
Bitcoin Predictions 2022 by President Bukele
The president of El Salvador, Nayib Bukele, tweeted on Jan. 1 his six predictions relating to bitcoin for the year 2022. El Salvador made bitcoin legal tender alongside the U.S. dollar in September last year.
Firstly, President Bukele expects the price of BTC to reach $100,000. Secondly, he believes that two more countries will adopt bitcoin as legal tender.
El Salvador has purchased about 1,391 BTC altogether since bitcoin became its national currency.
Bukele is not the only one who expects more countries to adopt bitcoin as legal tender by the end of 2022. The CEO of crypto exchange Bitmex, Alex Hoeptner, predicted in October last year that by the end of this year, “we’ll have at least five countries that accept bitcoin as legal tender.” He noted that “All of them will be developing countries.”
Furthermore, the Salvadoran president expects Bitcoin City to commence construction this year. He announced his plan to build the world’s first bitcoin city powered by a volcano and financed by bitcoin bonds in November. He also said there would not be any taxes in the bitcoin city except for value-added tax (VAT). Another prediction Bukele made was that the volcano bonds will be oversubscribed.
His Bitcoin City announcement came one day before the International Monetary Fund (IMF) issued a report warning El Salvador against using bitcoin as legal tender due to various risks associated with cryptocurrency. Bank of England Governor Andrew Bailey also raised concerns about bitcoin being used as legal tender in El Salvador.
Bukele also predicted there will again be a “huge surprise” at the Miami Bitcoin Conference 2022 and that BTC “will become a major electoral issue in U.S. elections.”