El Salvador President Makes Bullish Bitcoin Prediction for 2022

Oluwapelumi Adejumo
Updated: Jan 3, 2022, 12:03 GMT+00:00

El Salvador’s president, Nayib Bukele, has revealed his bullish sentiments towards the leading digital asset for 2022.

El Salvador President Makes Bullish Bitcoin Prediction for 2022

The start of the year is usually a good time to make resolutions and predict what will happen. The crypto community is already predicting how they expect the year to turn out for Bitcoin and joining the bullish views is the self-proclaimed CEO of El Salvador, Nayib Bukele.

President Bukele Predicts BTC Will Reach $100k

The president, in a tweet, outlined his prediction for Bitcoin in 2022. According to him, Bitcoin will finally reach $100k this year, and two more countries will adopt it as legal tender. 

The cryptocurrency will also become a major electoral issue in US elections. He also predicted that the construction of the highly anticipated Bitcoin City will start, and the volcano bonds will be oversubscribed.

Considering how much El Salvador has invested in Bitcoin, the president’s bullishness isn’t surprising. Last year, El Salvador became the first country to make Bitcoin a legal tender despite several international financial institutions kicking against this move. 

The International Monetary Fund was one of the strongest critics of the move as it believed that Bitcoin shouldn’t be a legal tender in the country. After the Bitcoin law was passed, the international body recommended that the scope of the law should be narrowed while pointing out various risks of such a payment system. Many human rights activists have also criticized the fact that Bukele only uses Bitcoin as a cover for his autocratic regime.

Since then, the country has bought over 1000 units of Bitcoin and has also initiated several plans to support this adoption. In November, the president announced plans to build a Bitcoin City fully funded by Bitcoin bonds and powered by volcanoes. With plans like these in place, it’s understandable why Bukele is very bullish on Bitcoin.

Bitcoin Price Declines by 7% in 7 Days

This won’t be the first time many would predict Bitcoin to reach $100k before the end of the year. Several crypto experts had the same prediction in 2021. The cryptocurrency looked poised to reach it after going as very close to $69,000 in November but ended up finishing the year below $50k. 

While several prominent members of the crypto community, including Bukele, are bullish on Bitcoin, the cryptocurrency is yet to regain its form and has seen a 7.46% drop in value in the past seven days with a 0.25% decrease in 24 hours. But the year is long, and everyone knows for sure now that no one can predict crypto.

As of press time, the flagship digital asset is trading for around $47,139.

About the Author

Oluwapelumi is a firm believer in the transformative power power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas about how the industry could play a pivotal role in the emerging financial system. When he is not writing, he is looking to meet new people and trying out new things.

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