Nayib Bukele, El Salvador’s Bitcoin president has tweeted his predictions for Bitcoin in 2022 on New Year’s Day. Following an historical year for his country, here is what he had to say:
2022 predictions on #Bitcoin:
•Will reach $100k
•2 more countries will adopt it as legal tender
•Will become a major electoral issue in US elections this year
•Bitcoin City will commence construction
•Volcano bonds will be oversubscribed
•Huge surprise at @TheBitcoinConf
— Nayib Bukele (@nayibbukele) January 2, 2022
Probably the most eye-catching forecast Bukele made is that “two more countries will make Bitcoin legal tender.” El Salvador became the first country on September 7 to do so and has since been a good case study for other nations to follow. What countries could follow the example? A couple of them are under the looking glass. Ukraine, Cuba, Brazil and even Turkey all match the profile. There are some African countries that might consider the move. Debasement of the national currency, large inflow of international remittances, a crypto curious and adopted population and last but not least, a president who favors crypto just as much as Bukele, are included. Ukrain’s president Zelensky, for example, is a vocal Bitcoin evangelist himself. And what about Dubai, where cryptocurrency payments are already widely accepted when purchasing real estate?
Bukele also said that “Bitcoin will become a major electoral issue in US elections this year.” Crypto has definitely been a heated subject in the US in 2021, with government officials and institutions researching best practices for regulation of the industry. Senators and House representatives are divided and there are those very much pro Bitcoin, like Wyoming Senator Cynthia Lummis and Congressman Warren Davidson. Yet on the other hand of the spectrum is Massachusetts Senator Elizabeth Warren who is not much of a fan.
Acknowledging that crypto has the potential to become an important topic in elections, Kraken CEO Jessie Powell took to Twitter and asked for more information on officials in favor or opposed to cryptocurrencies.
Is anyone keeping a list of crypto backers in politics? Trying to max donate to all of our friends in office or running for office by end of day. Also, list of crypto enemies would be useful as well so I can donate to the opposition’s campaign. @twobitidiot?
— Jesse Powell (@jespow) December 31, 2021
The president also predicts Bitcoin to go to $100,000, something that was expected to happen by the end of 2021 already but should definitely be in the cards for 2022. Macro guru Raoul Pal expects Bitcoin to shine in the new year and crypto analyst PlanB is convinced that his Stock-to-flow (S2F) model is still in play, despite being slightly off in December.
Congrats Dave, you called it. Whether S2F is just a meme or a model still within 1 standard deviation correct, is everybody's own call to make. My bets are on S2F. Time will tell. pic.twitter.com/Zqeh2eNT9q
— PlanB (@100trillionUSD) January 1, 2022
As for Bitcoin City. It is planned in the east of the country, and will be powered by geothermal energy, provided by volcanos. Also, Bitcoin City will not collect any taxes from its citizens. As Bukele said previously:
“Invest here and make all the money you want. This is a fully ecological city that works and is energized by a volcano.”
The city will however secure funds by imposing a value-added tax. This will be used to fund the construction of the city as well as maintain the infrastructure and public services.
In twelve months’ time we will find out what Bukele will score on his predictions. He is pretty confident himself, stating that “this tweet will age well.”
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