El Salvador President Makes Major BTC Forecasts for 2022

Nayib Bukele, the president of El Salvador has announced his price predictions for Bitcoin (BTC) particularly, and the crypto space generally in the year 2022.

President Bukele took to Twitter to publish his Bitcoin (BTC) predictions, emphasizing one of the highest price predictions of $100k that Bitcoin (BTC) will potentially reach during 2022.

In analyzing the current price movements during which Bitcoin (BTC) has been trading in the red at roughly $47k, Bitcoin (BTC) would have to incur a 113% increase to reach the predicted price of $100k. The good news is, Bitcoin (BTC) has an entire year to reach this target, especially since in 2021 the biggest cryptocurrency skyrocketed by reaching a price of more than $69k, and trading by year-end at $48k. 

As far as the mainstream adoption of Bitcoin (BTC) as legal tender goes, the El Salvador President expects two more countries to accept the biggest cryptocurrency as legal currency within their borders. On another note, El Salvador was the first country to accept Bitcoin (BTC) as legal tender, making a historical move towards the mainstreaming of cryptocurrencies.

In light of inflation effects on the global economy, Turkey still holds the position as the country most affected by inflation, as Lira took a dive in late 2021. Taking to Bitcoin (BTC) as a risk against inflation has been the suggestion most directed to Turkey by a number of political counterparts and crypto advocates. 

As the third Bitcoin (BTC)-related prediction of President Bukele unravels, this one has to do with the 2022 elections in the United States. The midterm election will involve the contesting of 34 seats in the Senate and 435 seats in the United States House of Representatives when it takes place on November 8. 

While there is a mix of politicians who avidly support cryptocurrencies and those who are completely against them, a decisive vote collection may very well be the collection of votes from crypto-savvy young constituents. 

Furthermore, the start of the Bitcoin City construction in the year 2022 was stated in one of Bukele’s predictions. This prediction is likely to become true since the El Salvador president has complete control over how fast the project will progress. 

Related: El Salvador Building New Schools With Bitcoin Gains

As reported by Crypto Academy in November 2021, El Salvador has announced the building of a Bitcoin City with income tax and property tax-free, which will be in part financed by the government’s Bitcoin (BTC) bonds.

President Bukele also foresaw that there will be an oversubscription of the volcano bonds. Similarly, the issuance of Bitcoin (BTC) bonds amounting to a total of $1 billion is expected to happen in 2022, when 50% will be used to acquire additional Bitcoin (BTC), while the remainder 50% will be allocated to financing the building of the Bitcoin (BTC) mining infrastructure and geothermal energy infrastructure. 

While there is one more prediction issued by President Bukele, this one is a teaser that crypto enthusiasts and the rest of the world have to stay tuned and wait for the surprise which will be revealed in April during the Bitcoin 2022 Miami conference. 

Even though controversy around the hasty Bitcoin (BTC) mainstreaming has followed President Bukele all year long, he still has strong approval and support from the majority of the people. 

In a survey published by U.S. News, 85% of the respondents stated that they either strongly approve or somewhat approve of the President and his methods. The same cannot be said for people outside of El Salvador, with the likes of Steve Hanke explicitly not approving any of the President’s decisions related to Bitcoin (BTC). 

Also read: 

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Stop Printing Money – El Salvador President’s Request to the Federal Reserve Chair