Saudi Press

Saudi Arabia and the world
Thursday, Mar 28, 2024

El Salvador President Nayib Bukele Makes 6 Bitcoin Predictions For 2022: $100,000 Price Target, Sovereign Adoptions And More

El Salvador President Nayib Bukele Makes 6 Bitcoin Predictions For 2022: $100,000 Price Target, Sovereign Adoptions And More

BTC bull and President of El Salvador Nayib Bukele has six predictions for the apex crypto in 2022. Bukele announced his prognostications to his 3.2 million Twitter followers on Jan. 1.

El Salvador's Bitcoin Thrust: El Salvador has the distinction of being the first country to adopt Bitcoin as legal tender, alongside the U.S. dollar, on Sep. 7, 2021. At the time, Bukele reasoned the move would spur investment in the country and come in handy for 70% of its citizens, who don't have access to traditional financial services.

El Salvador has also been buying Bitcoin in regular intervals and holding it as a reserve. As of Dec. 21, the nation's Bitcoin reserve stood at 1,391 BTC.

In late November, Bukele announced at Bitcoin Week that the country will build a Bitcoin City, which will be funded by the issuance of a $1 billion Bitcoin Bond.

The International Monetary Fund, however, has warned El Salvador against using Bitcoin as legal tender due to risks associated with cryptocurrencies.

Bukele's Predictions: President Bukele's crystal-gazing has brought up six predictions for the most valued crypto.

1. Bitcoin At $100,000: Bukele expects Bitcoin to reach $100,000 in 2022. The apex currency is currently trading at around $47,000 following a roller-coaster year, when it gained about 60%. Bitcoin has to more than double in 2022 to hit Bukele's target.

2. More Bitcoin Adoption: Bukele expects two more countries to adopt Bitcoin aa legal tender in 2022. Reports suggest there is political support in Panama, Ukraine and Cuba for the adoption of Bitcoin.

3: Bitcoin Key Topic In U.S. Midterm Elections: The El Salvador President believes Bitcoin will become a major electoral issue in the U.S. midterm elections to be held on Nov. 8, 2022.

4. Bitcoin City Construction Kickstarts: Bukele expects construction of the Bitcoin City to commence in 2022.

5. Volcano Bond Subscription: El Salvador plans to finance the construction of its proposed Bitcoin City using funds raised by issuing a $1 billion volcano-powered Bitcoin bond. Bukele had earlier indicated that the bond will likely be issued in 2022. The President now predicts that the volcano bonds will be oversubscribed.

6. Huge Surprise At Bitcoin Conference: Bukele also prepared stakeholders for a huge surprise at the Bitcoin Conference. The conference, named "Bitcoin 2022" will be held in Miami, Florida between April 6 and 9. Bukele is scheduled to speak at the event.

At last check, Bitcoin was down 0.22% over the past 24 hours to $47,247.62.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Reports in Gaza: 5 dead from the impact of aid packages dropped by the USA
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
×