El Salvador’s President, Nayib Bukele, made five bullish forecasts for Bitcoin’s (BTC) success in 2022 on January 2.
As a countermeasure to the country’s rising inflation, El Salvador became the first government to embrace Bitcoin as legal tender last year under Bukele’s president. Since legalisation, the president has purchased 1,370 BTC for the country’s reserve and spent the unrealized gains on new infrastructure projects, including as a hospital and a school.
In 2022, President Bukele expects two more countries to join El Salvador in adopting Bitcoin as a legal tender. In the same year, he anticipates a bull run that would push the price of bitcoin to a new all-time high of $100,000.
Bukele also sees El Salvador’s two BTC-based initiatives, Bitcoin City and Volcano bonds, exploding in the near future. According to prior reports, the president envisions Bitcoin Metropolis being a fully functional city with residential sections, commercial complexes, restaurants, a port, and “everything around Bitcoin.”
“Bitcoin Metropolis will initiate building” this year, according to Bukele, signifying the establishment of the $1 billion BTC bonds-backed virtual city. He predicts that the Volcano bonds will be oversubscribed as a result of this occurrence.
Bukele also believes Bitcoin will become a big political topic in the United States this year. And warned his Twitter followers to expect “a huge surprise” at the Bitcoin 2022 conference.
El Salvador’s mainstream Bitcoin adoption has been hampered by a slew of technical issues. The most recent of which is claims of monies vanishing from the country’s in-house Bitcoin wallet, Chivo.
According to reports, at least 50 Salvadorans lost more than $96,000 in December. As a result of an alleged unknown flaw in the Chivo wallet.