President Bukele predicts Bitcoin $100k rally, further legal adoption and more

On Jan 2, El Salvador President Nayib Bukele shared 5 bullish predictions on Bitcoin’s (BTC) efficiency for the 12 months 2022. 

Final 12 months, El Salvador turned the primary nation to undertake Bitcoin as authorized tender below Bukele’s presidency as a countermeasure to the rising inflation within the nation. Since legalization, the president acquired 1,370 BTC for the nation’s reserve and reinvested its unrealized positive factors into new infrastructure initiatives together with a hospital and a college.

President Bukele predicted that two extra international locations will be a part of El Salvador to undertake Bitcoin as a authorized tender in 2022. In the identical 12 months, he expects a bull run that can take BTC value to a brand new all-time excessive of $100,000.

Bukele additionally envisions an oncoming explosive progress for El Salvador’s two in-house BTC-based initiatives — Bitcoin Metropolis and Volcano bonds. As Cointelegraph beforehand reported, the president foresees Bitcoin Metropolis to grow to be a totally useful metropolis with residential areas, buying facilities, eating places, a port, “every part round Bitcoin.”

Based on Bukele, “Bitcoin Metropolis will start building” this 12 months, implying the event of the $1 billion BTC bonds-backed digital metropolis. Together with this improvement, he predicts an oversubscription of the Volcano bonds.

Bukele additionally predicts that Bitcoin will grow to be a serious electoral challenge in U.S. elections this 12 months and informed his Twitter followers to be looking out for “an enormous shock” at Bitcoin 2022 convention.

Associated: Some Salvadorans declare funds are lacking from their Chivo wallets

El Salvador’s mainstream Bitcoin adoption met with a sequence of technical hurdles, the newest being stories of lacking funds from the nation’s in-house Bitcoin pockets, Chivo.

As Cointelegraph reported, no less than 50 Salvadorans reported losses totaling greater than $96,000 in December, attributable to an alleged unknown glitch within the Chivo pockets.