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

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Last year, El Salvador became the first country to adopt Bitcoin as legal tender under Bukeleโ€™s presidency as a countermeasure to the growing inflation in the country. Since legalization, the president acquired 1,370 BTC for the countryโ€™s reserve and 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 to adopt Bitcoin as a legal tender in 2022. In the same year, he expects a bull run that will take BTC price to a new all-time high of $100,000.

On Jan 2, El Salvador President Nayib Bukele shared five bullish predictions on Bitcoinโ€™s (BTC) performance for the year 2022.ย 

Bukele also envisions an oncoming explosive growth for El Salvadorโ€™s two in-house BTC-based initiatives โ€” 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, โ€œeverything around Bitcoin.โ€

According to Bukele, โ€œBitcoin City will commence constructionโ€ 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 U.S. elections this year and told his Twitter followers to be on the lookout for โ€œa huge surpriseโ€ at Bitcoin 2022 conference.

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

El Salvadorโ€™s mainstream Bitcoin adoption met with a series of technical hurdles, the latest being reports of missing funds from the countryโ€™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.