On Sunday, Salvadoran 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 government has acquired 1,370 BTC for the country’s reserve and has 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 in adopting Bitcoin as a legal tender in 2022. In the same year, he expects a bull run that will take BTC’s price to a new all-time high of $100,000.
2022 predictions on #Bitcoin:— Nayib Bukele (@nayibbukele) January 2, 2022
•Will reach $100k
•2 more countries will adopt it as legal tender
•Will become a major electoral issue in US elections this year
•Bitcoin City will commence construction
•Volcano bonds will be oversubscribed
•Huge surprise at @TheBitcoinConf
Bukele also envisions 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 the United States elections this year and told his Twitter followers to be on the lookout for “a huge surprise” at the Bitcoin 2022 conference.
This tweet will age well— Nayib Bukele (@nayibbukele) January 2, 2022
El Salvador’s mainstream Bitcoin adoption met 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.
Hilo con algunos afectados por la Chivo Gualet.— El Comisionado (@_elcomisionado_) December 18, 2021
1- $16,000 pic.twitter.com/EC3hehXKDz