El Salvador President expects Bitcoin ($BTC) to touch $100k this year

By Sunil Sharma
Published January 3, 2022 Updated January 3, 2022
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El Salvador President expects Bitcoin ($BTC) to touch $100k this year

By Sunil Sharma
Published January 3, 2022 Updated January 3, 2022

The pro-Bitcoin Salvadoran President, Nayib Bukele is back at it with his optimistic predictions for the OG cryptocurrency in 2022. President Bukele took to Twitter on the second day of the new year declaring his expectations for Bitcoin this year. He noted that BTC will reach the exceptional $100k mark along with achieving legal tender in at least two more countries. Bukele made these statements while Bitcoin and the rest of the crypto market remained red.

Bitcoin City and Volcano Bonds

He also reiterated the success of El Salvador’s eminent Bitcoin projects like the commencement of construction for the Bitcoin City, as well as oversubscription of Volcano bonds which are to be released in 2022.

Last year, during the month of November, President Bukele announced the nation’s plan to launch the world’s first ‘Bitcoin City’ which will initially be funded by Bitcoin bonds and derive its energy supply from the volcano and will not levy any taxes except the value-added tax (VAT).

Following the Volcanic energy channelling towards Bitcoin related operations, El Salvador also announced the issuance of its $1 billion in tokenized USD-denominated 10-year bonds, also known as the “volcano bonds” in 2022.

Bitcoin to play major role in US elections

President Bukele claimed in his tweet that Bitcoin will become a prominent electoral issue in the US elections in 2022. It is common knowledge that several political candidates in different corners of the US have used crypto in their campaigns to gather support from the decentralised community, and some have reaped the benefits as well.

During the month of November, New York City (NYC) Mayor candidate Eric Adams won the election to become the 110th Mayor of the city after promising to make NYC a crypto hub. He ascertained that within the duration of one year of his tenure upon winning, he would turn the city into a crypto and technology hub.

“I promise you, in one year […] you’re going to see a different city. […]. We’re going to become the center of life science, the center of cyber security, the center of self-driving cars, drones, the center of bitcoin, we’re going to be the center of all the technology”

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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