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

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Final yr, El Salvador turned the first country to adopt Bitcoin as legal 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 good points into new infrastructure initiatives together with a hospital and a school.

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

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

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

In accordance with Bukele, “Bitcoin Metropolis will begin development” this yr, 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 develop into a significant electoral concern in U.S. elections this yr and informed his Twitter followers to be looking out for “an enormous shock” at Bitcoin 2022 convention.

Associated: Some Salvadorans claim funds are missing from their Chivo wallets

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

As Cointelegraph reported, not less than 50 Salvadorans reported losses totaling greater than $96,000 in December, because of an alleged unknown glitch within the Chivo pockets.