President Bukele Predicts $ 100,000 Bitcoin Rally, New Legal Adoption, and More


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On January 2, Salvadoran President Nayib Bukele shared five bullish forecasts for Bitcoin (BTC) performance for the year 2022.

Last year, El Salvador became the first country to adopt Bitcoin as legal tender under President Bukele as a countermeasure to rising inflation in the country. Since legalization, the president has acquired 1,370 BTC for the country’s reserve and has reinvested his unrealized gains in new infrastructure projects, including a hospital and a school.

President Bukele has predicted that two more countries will join El Salvador in adopting Bitcoin as legal tender in 2022. In the same year, he expects a hike that will take the price of BTC to a new record high of $ 100,000.

Bukele also sees explosive growth ahead for El Salvador’s two internal BTC-based initiatives – Bitcoin City and Volcano bonds. As Cointelegraph previously reported, the President predicts Bitcoin City will become a fully functional city with residential areas, shopping malls, restaurants, a port, “all around Bitcoin.”

According to Bukele, “Bitcoin City will begin construction” this year, which involves the development of the billion dollar virtual city backed by BTC bonds. At the same time as this development, he predicts an oversubscription of Volcano bonds.

Bukele also predicts that Bitcoin will become a major electoral issue in this year’s U.S. election and told his Twitter followers to be on the lookout for “a huge surprise” at the Bitcoin 2022 conference.

Related: Some Salvadorans claim funds are lacking in their Chivo wallets

El Salvador’s adoption of Bitcoin has encountered a series of technical hurdles, the latest being reports of missing funds in the country’s internal Bitcoin wallet, Chivo.

As Cointelegraph reported, at least 50 Salvadorans reported losses totaling more than $ 96,000 in December, due to an alleged unknown issue in the Chivo wallet.