Bitcoin to hit $100k in 2022 predicts El Salvador's Bukele
By Daniel Tyson
19:29, 3 January 2022
El Salvador’s President Nayib Bukele, a prolific Twitter and bitcoin evangelist, sent social media abuzz Sunday with a tweet storm of bold predictions about the cryptocurrency.
The tweets had the digit asset community celebrating with one of its biggest promoters calling the predictions "bold."
During his twitter frenzy, Nayib Bukele wrote to his 3.2 million followers that bitcoin is going to hit its financial zenith by climbing to $100,000 per coin in 2022. However, around 13:00 (UTC-5) Monday, the cryptocurrency was selling at $46,578, meaning its price would have to more than double. Bitcoin peaked at $68,783.63 on 10 November, according to Coinmarketcap.com.
Bukele, perhaps bitcoin's biggest believer, also predicted that two more unnamed countries will join his Latin American nation in legalising bitcoin as acceptable currency. Some think this would most likely occur in a Latin American nation struggling with high inflation. Officials in Paraguay have said their government is considering the option of making cryptocurrency legal tender. The inflation rate in Paraguay was 6.8% in December, according to Trading Economics,
Bukele then teased followers by tweeting of a “huge surprise” at the upcoming Bitcoin Conference in April. In June 2021, Bukele shocked the crowd by announcing one of the poorest Latin American countries would make bitcoin legal tender in a few months. In September, the country’s legislatures approved his plan, making El Salvador the first country to give bitcoin equal status as its national currency, the US dollar.
Additionally, he tweeted, cryptocurrency will have an impact in November’s US midterm elections, where lawmakers are at odds over how to regulate the growing currency.
The issue has divided an already splinted US government. Some politicians, such as 2020 Democratic presidential candidate Andrew Yang and Republican Senator Cynthia Lummis of Wyoming have shown support for digital assets. Meanwhile, others, mainly Democrats, want protection for investors and Senator Elizabeth Warren of Massachusetts believes cryptocurrency will only benefit the rich.
What is your sentiment on BTC/USD?
“I think many people will vote for a bitcoin candidate over someone who is ignorant or doesn’t care about this issue,” said Alex McShane on his Bitcoin Magazine podcast. “More and more news is coming about this issue.”
As for Warren’s objection that bitcoin is only available to the rich, McShane said digital assets have lifted people out of poverty but did not give examples.
While critics give a scant possibility of Bukele’s dream of Bitcoin City, the president predicted construction will begin in 2022. The city is slated to have retail shops and housing, all the while being powered by the Conchagua volcano in southeastern El Salvador. Bukele’s big sale of Bitcoin City is there will be no taxes, except VAT.
In his final tweet in the series, he forecast that Volcano bonds will be oversubscribed. Late in 2021, announced plans to issue $1 bn in bonds to buy more bitcoin as well as for energy and mining infrastructure. The new city's proximity to the volcano is meant to facilitate geothermal energy for the project, he said at the time.