President Bukele Predicts Bitcoin Will Be Bullish In 2022 Until It Breaks 100 Thousand US Dollars

JAKARTA - On January 2, El Salvador President Nayib Bukele shared five predictions about Bitcoin's bullish performance in 2022.

Last year, El Salvador became the first country to adopt Bitcoin as a legal tender under Bukele's presidency as a countermeasure against growing inflation in the country.

Since ratification, President Bukele has now acquired 1.370 BTC in state reserves and reinvested its unrealized profits into new infrastructure projects including hospitals and schools.

President Bukele predicts that two more countries will join El Salvador in adopting Bitcoin as legal tender by 2022.

That same year, he expects a price hike that will take the BTC price to a new all-time high of $100,000.

Bukele also envisions explosive growth to come for two of El Salvador's internal BTC-based initiatives – Bitcoin City bonds and Volcanoes.

As Cointelegraph previously reported, President Bukele also predicted Bitcoin City to be a fully functional city with residential areas, shopping malls, restaurants, ports, “everything around Bitcoin.”

According to Bukele, “Bitcoin City will start construction” this year. This implies the development of a virtual city worth $1 billion BTC backed by bonds. Along with these developments, he predicts that there will be an oversubscription of Volcano's bonds.

Bukele also predicted that Bitcoin would be a major electoral issue in this year's US election and told his Twitter followers to be on the lookout for a "big shock" at the 2022 Bitcoin conference.

El Salvador's mainstream Bitcoin adoption was met with a series of technical hurdles, the most recent of which was reports of funds missing from the country's internal Bitcoin wallet, Chivo.

As Cointelegraph reports, at least 50 Salvadorans reported total losses of more than $96.000 in December, due to an alleged unknown error in the Chivo wallet.