President Bukele predicts Bitcoin rally to $100K, further legal adoption and more

Nayib Bukele's five Bitcoin predictions include a 100k bullrun, mainstream adoption, electoral factor in the 2022 U.S. elections and an unprecedented growth of Bitcoin City and Volcano bonds.
Arijit Sarkar
Posted by Arijit Sarkar January 2, 2022 2 Mins Read
Nayib Bukele's five Bitcoin predictions include a 100k bullrun, mainstream adoption, electoral factor in the 2022 U.S. elections and an unprecedented growth of Bitcoin City and Volcano bonds.

On Sunday, Salvadoran President Nayib Bukele shared five bullish predictions on Bitcoin’s (BTC) performance for the year 2022. 

Last year, El Salvador became the first country to adopt Bitcoin as legal tender under Bukele’s presidency as a countermeasure to the growing inflation in the country. Since legalization, the government has acquired 1,370 BTC for the country’s reserve and has reinvested its unrealized gains into new infrastructure projects, including a hospital and a school.

President Bukele predicted that two more countries will join El Salvador in adopting Bitcoin as a legal tender in 2022. In the same year, he expects a bull run that will take BTC’s price to a new all-time high of $100,000.

Bukele also envisions oncoming explosive growth for El Salvador’s two in-house BTC-based initiatives — Bitcoin City and volcano bonds. As Cointelegraph previously reported, the president foresees Bitcoin City to become a fully functional city with residential areas, shopping centers, restaurants, a port — “everything around Bitcoin.”

According to Bukele, “Bitcoin City will commence construction” this year, implying the development of the $1-billion BTC-bonds-backed virtual city. Along with this development, he predicts an oversubscription of the volcano bonds.

Bukele also predicts that Bitcoin will become a major electoral issue in the United States elections this year and told his Twitter followers to be on the lookout for “a huge surprise” at the Bitcoin 2022 conference.

Related: Some Salvadorans claim funds are missing from their Chivo wallets

El Salvador’s mainstream Bitcoin adoption met a series of technical hurdles, the latest being reports of missing funds from the country’s in-house Bitcoin wallet, Chivo.

As Cointelegraph reported, at least 50 Salvadorans reported losses totaling more than $96,000 in December due to an alleged unknown glitch in the Chivo wallet.

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