Bukele also envisions an explosive growth coming for two of El Salvador's in-house BTC-based initiatives – Bitcoin City and Volcano bonds.
President Bukele Predicts Bitcoin to $100k, Continued Legal Adoption, and More
Last year, El Salvador became the first country to adopt Bitcoin as legal tender under Bukele's presidency as a countermeasure to growing inflation in the country. Since legalization, the president has bought back 1,370 BTC for the country's reserve fund and reinvested unrealized profits into new infrastructure projects including hospitals and schools.
President Bukele predicts that two more countries will join El Salvador to adopt Bitcoin as a legal tender by 2022. In the same year, he predicted a bull run that would send BTC prices to highs. The all-time high is $100,000.
On January 2, El Salvador President Nayib Bukele shared five optimistic predictions for Bitcoin (BTC) performance in 2022.
Bukele also envisions an explosive growth coming for two of El Salvador's in-house BTC-based initiatives – Bitcoin Town and Volcano bonds. As Cointelegraph previously reported, the president predicts Bitcoin Metropolis will become a fully functional city with residential areas, shopping malls, restaurants, harbours, “everything around Bitcoin.”
According to Bukele, “Bitcoin City will begin construction this year, implying the development of a virtual city backed by $1 billion worth of BTC bonds. Along with this development, he predicted overwriting of Volcano bonds.
Bukele also predicts that Bitcoin will become a key election issue in this year’s US elections and told his Twitter followers to watch out for “a big surprise” at the Bitcoin 2022 conference.
Related: Some Salvadorans claim money is missing from their Chivo wallets
El Salvador's mainstream Bitcoin adoption has encountered a series of technical hurdles, the latest being reports of a lack of funds from the country's internal Bitcoin wallet, Chivo.
As Cointelegraph reported, at least 50 Salvadorans reported losses totaling more than $96,000 in December, due to an alleged unidentified glitch in the Chivo wallet.