President Bukele predicts Bitcoin $100k rally, further legal adoption and more
On Jan 2, El Salvador President Nayib Bukele shared five bullish predictions on Bitcoin’s (BTC) performance for the year 2022.
Last year, El Salvador became the first country to adopt Bitcoin as legal tender under Bukele’s presidency as a countermeasure to the growing inflation in the country. Since legalization, the president acquired 1,370 BTC for the country’s reserve and reinvested its unrealized gains into new infrastructure projects including a hospital and a school.
President Bukele predicted that two more countries will join El Salvador to adopt Bitcoin as a legal tender in 2022. In the same year, he expects a bull run that will take BTC price to a new all-time high of $100,000.
Bukele also envisions an oncoming explosive growth for El Salvador’s two in-house BTC-based initiatives — Bitcoin City and Volcano bonds. As Cointelegraph previously reported, the president foresees Bitcoin City to become a fully functional city with residential areas, shopping centers, restaurants, a port, “everything around Bitcoin.”
According to Bukele, “Bitcoin City will commence construction” this year, implying the development of the $1 billion BTC bonds-backed virtual city. Along with this development, he predicts an oversubscription of the Volcano bonds.
Bukele also predicts that Bitcoin will become a major electoral issue in U.S. elections this year and told his Twitter followers to be on the lookout for “a huge surprise” at Bitcoin 2022 conference.
Related: Some Salvadorans claim funds are missing from their Chivo wallets
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.
As Cointelegraph reported, at least 50 Salvadorans reported losses totaling more than $96,000 in December, due to an alleged unknown glitch in the Chivo wallet.
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