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

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On Jan 2, El Salvador President Nayib Bukele shared 5 bullish predictions on Bitcoin’s (BTC) efficiency for the 12 months 2022. 

Final 12 months, 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 beneficial properties into new infrastructure tasks together with a hospital and a school.

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President Bukele predicted that two extra international locations will be a part of El Salvador to undertake Bitcoin as a authorized tender in 2022. In the identical 12 months, he expects a bull run that may take BTC worth to a brand new all-time excessive of $100,000.

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 change into a completely useful metropolis with residential areas, purchasing facilities, eating places, a port, “all the things round Bitcoin.”

In response to Bukele, “Bitcoin Metropolis will start development” this 12 months, 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 change into a serious electoral subject in U.S. elections this 12 months and instructed 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, at the very least 50 Salvadorans reported losses totaling greater than $96,000 in December, on account of an alleged unknown glitch within the Chivo pockets.