El Salvador’s President, Nayib Bukele, continues to remain bullish on Bitcoin and has predicted that the leading cryptocurrency will hit the $100,000 price mark in 2022.
Bukele also made other bullish predictions about Bitcoin. He believes that two more countries will follow El Salvador’s move to adopt the crypto asset as a legal tender. Recall that on September 7, 2021, El Salvador became the first country to adopt Bitcoin as a legal tender, a decision that saw mixed reactions from individuals, government, and financial regulators.
The President further revealed that El Salvador will commence the construction of a Bitcoin City this year. History would be made if the country carries out its plans as it would become the first nation in the world to own a crypto-powered city.
Recall that President Bukele announced plans to build the world’s first Bitcoin city backed by $1 billion bonds. He also noted that the city will be located in the Gulf of Fonseca, close to a volcano and that residents will not pay income tax except value-added tax (VAT).
He also predicted that the proposed $1 billion bonds will be oversubscribed and that Bitcoin will become a major problem in US elections this year.
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
Using Bitcoin Profits For Development
So far, El Salvador has purchased a total of 1,370 BTC since it declared the crypto asset a legal tender. Despite the many criticisms it faced for legalizing bitcoin as a national currency, the Central American nation did not make a U-turn. Instead, it has continued to buy BTC at every slight opportunity and plans to buy more.
The country has also set up a Bitcoin mining facility as it plans to use part of its BTC profit to develop the country. President Bukeke even announced last year that El Salvador is constructing a pet hospital and 20 schools, using its bitcoin profits.