El Salvador President Nayib Bukele tweeted his forecasts for Bitcoin in the future year on New Year’s Day 2022, making some rather big wagers.
Out of the six predictions he made, it appears that “two more countries will embrace it as legal tender.” On September 7, 2021, El Salvador became the first government to make BTC legal tender, igniting a revolution that drew the attention of many other world leaders. This is an intriguing statement, especially after El Salvador’s ambassador to the United States, Milena Mayorga, stated that if Bitcoin adoption is successful in El Salvador, other countries “would follow.”
Bitcoin “will become a major electoral issue in US elections this year,” he said. The discussion around Bitcoin in the United States amongst politicians has really heated up over the past year. Several politicians have expressed support for the asset class, including 2020 Democratic presidential contender Andrew Yang and Republican senators Cynthia Lummis and Warren Davidson. Other politicians in the United States have expressed their concerns about the issue. Senator Elizabeth Warren, for example, believes it favours just the wealthy. As more lawmakers get educated on the subject, it will be fascinating to see how Bitcoin regulation develops in the United States.
The construction of “Bitcoin City” will begin, according to the president. The announcement occurred at the close of Bitcoin week in El Salvador, which included two BTC-focused conferences, LaBitConf and Adopting Bitcoin. According to the city’s announced intentions, it will have 0% income, capital gains, property, payroll, and municipal taxes, as well as 0% CO2 emissions.
Furthermore, he expects their Bitcoin bonds, which will be issued on Blockstream’s Liquid Network, will be “oversubscribed.”
President Bukele believes bitcoin will finally reach its long-awaited $100,000 per coin target. Many people predicted that price target for 2021, but it eventually fell short, reaching an all-time high of $69,010 per Clark Moody Dashboard.
Finally, he stated that there will be a “big surprise” during the Bitcoin 2022 conference in Miami, Florida this April. Last summer, Bukele stated, with the assistance of Strike CEO Jack Mallers, that he was submitting legislation to Congress to make bitcoin legal cash in El Salvador. One can only speculate on what announcement he has planned for this year’s gathering, which he will attend in person.
In a followup tweet, the President stated, “This tweet will age wonderfully.” Bukele’s predictions appear to be confident, but we’ll have to wait and see when and if they all come true this year.