El Salvador President Bukele Makes Big Bitcoin Predictions for 2022

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In Brief
  • Bukele predicts that BTC prices will hit $100,000 in 2022.

  • He also thinks that at least two more countries will adopt it.

  • Bitcoin could play a role in the U.S. midterms this year.

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Enigmatic El Salvador President Nayib Bukele has made some bold predictions regarding Bitcoin prices and the crypto industry in 2022.

In a tweet on Jan 2, Nayib Bukele offered six predictions for the coming year starting with a new all-time high for Bitcoin of $100,000.

From current prices at around $47,000, the asset would need to surge 113% to reach that lofty target, but it has all year to do so. Over the course of 2021, Bitcoin gained 65%, ending the year at around $48,000.

Bukele also predicted that two more countries would adopt Bitcoin as legal tender in 2022. El Salvador became the first nation to achieve this historic milestone when it made BTC legal currency in September 2021.

Others such as Turkey have suffered major currency devaluations in recent months so they may too take on BTC as a hedge against inflation.

Bitcoin could impact U.S. elections

The Central American President’s third prediction was that Bitcoin will become a major issue in U.S. elections in 2022. The mid-term elections are set to be held on Nov 8, 2022, when all 435 seats in the House of Representatives and 34 of the 100 seats in the Senate will be contested.

There are pro and anti-crypto politicians in both parties but winning over a younger voting demographic could be key to election victories.

Bukele’s Bitcoin City will commence construction in 2022, he predicted. This one is very likely to happen since he has full control over the project. In late November, BeInCrypto reported the announcement of the construction of an income tax and property tax-free Bitcoin City partially funded by government BTC bonds.

These “volcano bonds” will be oversubscribed, predicted the President. El Salvador is expected to issue $1 billion in crypto bonds in 2022. Half of the money raised will be used to buy more Bitcoin, and the rest will go toward geothermal energy and BTC mining infrastructure.

The final prediction was a teaser of a “huge surprise” at the Bitcoin 2022 conference in Miami in early April.

According to a poll held by the investigative unit of a local newspaper in December, a strong majority of Salvadorans approve of Bukele’s government despite controversies over his policies and Bitcoin adoption.

The results revealed that 85% of those surveyed either highly approve or somewhat approve of Nayib Bukele. Many of those outside of the country, such as professor of economics at Johns Hopkins University Steve Hanke, clearly do not approve.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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