El Salvador’s Bitcoin City and Volcano Bonds, which are the country’s in-house BTC efforts, will also grow rapidly in the coming years, according to Bukele.
News
- Bitcoin became legal tender in El Salvador last year, becoming the first country to do so
- As a countermeasure against rising inflation, Bukele declared Bitcoin legal tender during his presidency
- As part of the country’s reserves, the president has acquired 1,370 BTC since legalization
- A hospital and a school were built after El Salvador reinvested its unrealized gains
- In 2022, El Salvador is likely to be joined by two more countries with legal tender laws recognizing bitcoin
- BTC’s price is expected to reach $100,000 in the same year thanks to a bull run
On Jan 2, El Salvador President Nayib Bukele shared five bullish predictions on Bitcoin’s (BTC) performance for the year 2022.
2022 predictions on #Bitcoin:
•Will reach $100k
•2 more countries will adopt it as legal tender
•Will become a major electoral issue in US elections this year
•Bitcoin City will commence construction
•Volcano bonds will be oversubscribed
•Huge surprise at @TheBitcoinConf— Nayib Bukele (@nayibbukele) January 2, 2022
Bukele also envisions an oncoming explosive growth for El Salvador’s two in-house BTC-based initiatives — Bitcoin City and Volcano bonds. As Cointelegraph previously reported, the president foresees Bitcoin City to become a fully functional city with residential areas, shopping centers, restaurants, a port, “everything around Bitcoin.”
According to Bukele, “Bitcoin City will commence construction” this year, implying the development of the $1 billion BTC bonds-backed virtual city. Along with this development, he predicts an oversubscription of the Volcano bonds.
Bukele also predicts that Bitcoin will become a major electoral issue in U.S. elections this year and told his Twitter followers to be on the lookout for “a huge surprise” at Bitcoin 2022 conference.
— Nayib Bukele (@nayibbukele) January 2, 2022
Related: Some Salvadorans claim funds are missing from their Chivo wallets
El Salvador’s mainstream Bitcoin adoption met with a series of technical hurdles, the latest being reports of missing funds from the country’s in-house Bitcoin wallet, Chivo.
As Cointelegraph reported, at least 50 Salvadorans reported losses totaling more than $96,000 in December, due to an alleged unknown glitch in the Chivo wallet.
Hilo con algunos afectados por la Chivo Gualet.
1- $16,000 pic.twitter.com/EC3hehXKDz
— El Comisionado (@_elcomisionado_) December 18, 2021
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