The El Salvadorian President Nayib Bukele, who made history last year by regularising bitcoin as legal tender in the country has some bold predictions for bitcoin and crypto in 2022.
In a tweet on Jan. 2, Bukele offered a total of 6 predictions for the next yer, starting with a new all-time high for bitcoin of $100,000.
From current prices at about $47,000, that would be a 113% increase sometime within the next 12 months. Over the course of 2021, Bitcoin increased 65%, closing the year off at around $48,000.
The President also predicted that another two countries will adopt Bitcoin as legal tender in 2022. El Salvador became the first country to make history when it regularised bitcoin as legal tender in September 2021.
Meanwhile, corruption-ridden countries like Turkey suffered massive currency devaluations in recent months, which could be a prelude to bitcoin adoption as an inflationary hedge.
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Will Bitcoin impact US elections?
According to the Central American President, Bitcoin will become a massive issue in the United States 2022 elections. The mid-term elections are set to be held on Nov. 8, when all 435 seats in the House of Representatives and 34 seats in the senate are formally contested.
Currently, there aren’t any decidedly pro or anti-crypto politicians, but young voting blocks are widely interested in the industry’s success. Politicians will need to work to win that demographic over.
Bukele’s Bitcoin city will begin construction this year (2022), which is probably the case since the President is in full control of the project. The city will be an income tax and property tax-free Bitcoin City partially funded by government Bitcoin Volcano bonds.
The President predicted they will be oversubscribed. He expected to issue $1 billion in crypto bonds in 2022, with half the money being used to purchase more bitcoin, and half going towards improving geothermal bitcoin mining infrastructure.
Finally, Bukele teased a “huge surprise” at the Bitcoin 2022 conference in Miami in April.
A popular President?
According to a poll held by a local newspaper in December, a majority of Salvadorans approve of Bukele’s government despite controversies over his policies and Bitcoin adoption.
The results suggested that 85% of those surveyed either highly approve or somewhat approve of Nayib Bukele.
Many outside of the country, like the professor of economics at Johns Hopkins University, Steve Hanke, clearly do not approve.
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