On January 2, El Salvador’s President Nayib Bukele shared five bullish predictions for the performance of Bitcoin (BTC) in 2022.
Last year, El Salvador became the first country to adopt Bitcoin as legal tender. This action was in response to the country’s growing inflation. After legalization, the president bought 1,370 BTC at different intervals as a national reserve. He has reinvested his unrealized proceeds in new infrastructure projects, including hospitals and schools.
Nayib Bukele became the first president to adopt Bitcoin as legal tender last year. He also believes two countries will follow suit in 2022. He also predicted that the major cryptocurrencies would be priced at $100,000.
It is safe to say that El Salvador is the country most open to adopting BTC as it has voted for the asset to become legal tender in 2021.
After this historic move, the country and its Bitcoin-backing president continued to outline the benefits of BTC. The country raises more money during the drop in prices and using the proceeds to build schools and hospitals.
Despite mounting criticism from traditional financial organizations such as the Bank of England and the International Monetary Fund, Bukele has not flinched. On the contrary, he and many cryptocurrency supporters outlined their intentions to start a Bitcoin city in El Salvador.
Bitcoin to Hit $100k
In his most recent tweet, Nayib Bukele predicted that Bitcoin would hit $100,000 in 2022. He believes two more countries will follow El Salvador’s path and adopt BTC as legal tender.
Bukele also envisions that two internal BTC-based programs in El Salvador – Bitcoin City and Volcano Bond – are about to explode. Nayib expects Bitcoin City to become a fully functional city with residential areas, shopping malls, restaurants, ports, and “everything related to Bitcoin.”
According to Bukele, “Bitcoin City will start construction later this year.” This means a virtual city will be developed backed by a $1 billion BTC bond. With this development, he predicted that Volcano Bonds would be oversubscribed.
With the world’s strongest economy continuing to engage in the approach to BTC and the entire crypto industry, Bukele believes that Bitcoin will become “a major electoral issue in US elections this year.” He urged his Twitter fans to look out for “huge surprises” at the 2022 Bitcoin Conference.