The president of El Salvador has made a number of daring predictions for bitcoin in 2022, forecasting a significant value rally and a “huge surprise” for the cryptocurrency.
Nayib Bukele stated that he believed the worth of bitcoin will greater than double to achieve $100,000 in some unspecified time in the future over the subsequent 12 months, whereas additionally speculating that two extra international locations will observe El Salvador’s lead by adopting bitcoin as authorized tender.
President Bukele turned the primary world chief to embrace the cryptocurrency when he ushered in the Bitcoin Law final yr, formally making BTC authorized tender in the central American nation.
He has since made a number of main crypto investments and introduced plans to construct a Bitcoin City on the base of a volcano alongside the Gulf of Fonseca, partially financed by a $1 billion ‘Bitcoin Bond’.
The geothermal power from the volcano can be used to energy each the town and bitcoin mining operations – the energy-intensive course of that makes use of computer systems to generate new models of the cryptocurrency.
In current months there have been rumblings from a number of different central American international locations that bitcoin might be launched as a type of authorized tender, although it might depend upon the success of El Salvador’s financial experiment.
While no main world economic system is prone to make bitcoin an official forex, President Bukele predicted it can turn into “a major electoral issue in US elections this year”.
Several US politicians on each side of the aisle have already expressed assist for the cryptocurrency, together with former Democratic presidential candidate Andrew Yang and Republican senators Cynthia Lummis and Warren Davidson.
Bukele’s last prediction was that there can be a “huge surprise” on the Bitcoin 2022 convention in Miami this April, although gave no particular particulars as to what it might be.
At the identical occasion final yr, President Bukele made the announcement that El Salvador can be introducing the Bitcoin Law, serving to to contribute to the cryptocurrency’s record-breaking rally that noticed it rise above $60,000.
Bitcoin has spent the final month hovering round $50,000 and is at present buying and selling at $47,000 – a good distance off Bukele’s six-figure goal.