President of El Salvador Nayib Bukele
Rolan Barrientos/APHOTOGRAFIA/Getty Images
- El Salvador’s Nayib Bukele said bitcoin will hit the elusive $100,000 milestone this year.
- The crypto-loving president also projected two more countries will adopt bitcoin as legal tender.
- Bitcoin had a roller-coaster ride in 2021, before finishing the year up 66%.
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Bitcoin may not have reached the elusive $100,000 price target in 2021 as many evangelists had predicted, but El Salvador President Nayib Bukele still believes the asset will eventually hit that milestone.
Bukele, one of bitcoin’s biggest evangelists, shared this prediction with his 3.2 million Twitter followers over the weekend. His top forecast is bitcoin hitting $100,000 this year. Three days into 2022, bitcoin is hovering at $47,194, meaning it will have to more than double to reach that level
The crypto-loving president also projected two more countries will join El Salvador in adopting bitcoin as legal tender, though he did not specify which.
And Bukele teased a “huge surprise” for the upcoming Bitcoin Conference in Miami this April. That’s notable since the event is the same one he used in June last year, when he first announced his intention to make bitcoin legal tender. By September, the plan was approved, making El Salvador the first country in the world to elevate bitcoin to that status.
Other predictions the president had of bitcoin were:
- The asset will become a major electoral issue in US elections. American lawmakers have long been at odds over how to regulate the rapidly evolving crypto space, and Bukele thinks this issue will likely keep reappearing ahead of the November 8 mid-term race.
- Bitcoin City will commence construction. Bukele unveiled his vision in November for a new city funded by the crypto to be built next to the Conchagua volcano in southeastern El Salvador.
- “Volcano bonds” will be oversubscribed. El Salvador had announced plans late last year to issue $1 billion in bonds to buy more bitcoin as well as for energy and mining infrastructure. The new city’s proximity to the volcano is meant to facilitate geothermal energy for the project.