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See El Salvador's President's Six Predictions for Bitcoin in 2022

See El Salvador's President's Six Predictions for Bitcoin in 2022

Nayib Bukele, president of El Salvador, has turned into a pop figure since he made Bitcoin (BTC) legal in his country. Simultaneously, the agent started to buy BTC as a way to reinforce the country's reserves.

On the first day of 2022, Bukele made his predictions for the cryptocurrency throughout this year. There were six bets in total, four of which directly involve the BTC. They are:

  • reaching US$ 100,000;
  • beginning of Bitcoin City;
  • success of the Volcano Bonds,
  • more adoption as a currency.

Six digit bitcoin

In his first prediction, Bukele bet big on the evolution of the cryptocurrency price. According to the president, the BTC will reach US$ 100,000 still in 2022. In other words, the cryptocurrency will have a performance above 100% if the forecast materializes.

However, Bukele did not make it clear if this is his bet to close the price in 2022. The agent, unlike analysts like PlanB, also did not set dates for the price to reach this level.

Bitcoin City Construction

Making an entire city from scratch is not a simple process – Brasília, for example, took almost five years to build. However, Bukele said that construction work on Bitcoin City will begin in 2021.

Bitcoin City, a city built around the BTC ecosystem, was one of the most visionary ideas created by Bukele in 2021. The site will be a tax-free zone (excluding VAT) and will feature a friendly structure for bitcoiners and businesses from sector.

In addition, the site will use electricity from the exploration of a nearby volcano, ensuring clean and renewable energy.

Volcano Bonds Success

Speaking of volcanoes, Bitcoin City's financing will come through the sale of Salvadoran government bonds. In this sense, Bukele is optimistic about the success of this endeavor.

In the president's view, the search for the so-called Volcano Bonds will far surpass the offer of the bonds. If that happens, the government could raise more than the $1 billion initially forecast.

These bonds will be the first issued by a country directly on the BTC blockchain, more specifically on the Liquid sidechain. Half of the estimated amount – US$ 500 million – will be earmarked for the construction of the city.

Two more countries will adopt BTC as their currency

Finally, the president spoke about the increased adoption of the BTC as the official currency, a process he started in September 2021. According to Bukele, two more countries will follow the same example as El Salvador and will adopt the BTC as the official currency in 2022.

Bukele also revealed that the Bitcoin Conference 2022 , an event to be held in Miami, will have a "big surprise". The president was announced last week as one of the conference speakers.

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