On New Year’s Day 2022, El Salvador President Nayib Bukele tweeted his predictions for Bitcoin in the future, making some fairly large wagers.
Out of the six predictions he made, “two more countries look to adopt it as legal tender,” he said. El Salvador became the first nation to make Bitcoin legal tender on September 7, 2021, sparking a revolution that caught the attention of many other world leaders.
This is an intriguing comment, especially since El Salvador’s ambassador to the US, Milena Mayorga, stated that if Bitcoin adoption is successful in El Salvador, other countries “would follow.”
“Bitcoin will become a major electoral issue in this year’s US elections,” he said. Over the last year, US officials have been increasingly interested in Bitcoin.
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
Many politicians, including 2020 Democratic presidential candidate Andrew Yang and Republican senators Cynthia Lummis and Warren Davidson, have indicated support for the asset class.
Other US leaders, though, have expressed their concerns about the situation. Senator Elizabeth Warren, for example, believes it is only beneficial to the wealthy.
It will be fascinating to see how Bitcoin regulation develops in the United States as more lawmakers get educated on the subject.
According to the president, construction on “Bitcoin City” will commence. The news came at the conclusion of El Salvador’s Bitcoin Week, which included two BTC-focused conferences, LaBitConf and Adopting Bitcoin.
According to the city’s stated goals, it will have 0% income, capital gains, property, payroll, and municipal taxes, as well as 0% CO2 emissions.
In addition, he anticipates that their Bitcoin bonds, which will be issued on Blockstream’s Liquid Network, would be “oversubscribed.” Meanwhile, Bukele predicts that bitcoin will eventually reach its long-awaited $100,000 per coin target.
According to the Clark Moody Dashboard, many people forecasted the price target for 2021, but it ultimately fell short, achieving an all-time high of $69,010.
