Last year, El Salvador sent shock waves through the crypto community when it announced the acceptance of the flagship digital asset as a legal tender.
Since then, the president of the Central American country has been widely praised by the crypto community as a revolutionary because of his pro-crypto stance, which has contributed to a large number of people in the industry.
President Bukele makes bullish predictions on bitcoin
President Nayib Bukele made some positive predictions about bitcoin, saying his view was that the asset would not only benefit from increased acceptance by countries around the world, but that we could see its value as high as $ 100k before the end this year.
2022 forecast onwards #Bitcoin:
• It will reach $ 100k
• Two other countries will accept it as legal tender
• It will be a major election issue in this year’s US elections
• Construction of Bitcoin City will begin
• Volcanic bonds will be oversubscribed
• Huge surprise on @TheBitcoinConf
– Nayib Bukele 🇸🇻 (@nayibbukele) January 2, 2022
President Bukele also predicted that the country’s much-anticipated development of Bitcoin City will begin this year and that cryptocurrency activity will be a major topic of discussion during the US elections.
President Bukele’s bitcoin price forecasts support some widely held forecasts, as many analysts envisioned that the asset was worth up to $ 100,000 before the end of 2021. Although the asset was not able to break through the level this in the previous year, many watched this new year and predicted that BTC could finally reach a six – figure price this year.
El Salvador’s Bitcoin Tour So Far
El Salvador is the first country to adopt bitcoin as a legal tender worldwide. While the crypto community welcomed its decision, financial organizations such as the International Monetary Fund (IMF) have expressed concern about the impact of this decision on the country’s economy.
However, despite these concerns, El Salvador continues to push its cryptocurrency agenda forward. The Central American country bought more than 1,300 units of Bitcoin, and the president indicated that the gains from this purchase were reinvested in infrastructure projects.
Apart from that, El Salvador also unveiled plans to build the world’s first volcano-powered Bitcoin city and residents of this city would only pay VAT as a tax. City funding would be provided primarily through bitcoins-backed bonds.
It is worth noting that, despite all the positive things about the country’s acceptance, some citizens have expressed concern about how the country handles its cryptocurrency purchases and issues with its official bitcoin wallet, Chivo. .