El Salvador President: Two more countries to adopt BTC in 2022

By Raffaele Redi
• Updated

The president revealed his predictions on Twitter

El Salvadoran flag and Bitcoins                                 
El Salvador was the first country to adopt bitcoin as a legal tender - Photo: Shutterstock
                                

El Salvador's president is predicting the price of Bitcoin (BTC) to reach a $100,000 level in 2022, along with two more countries adopting the digital gold as legal tender.

President Nayib Bukele also said crypto adoption will be one of the major electoral issues in the US this year. In November the United States will have elections for its House of Representatives.

Moreover, he said the upcoming "Volcano bonds", funding future BTC minting activities, will be oversubscribed as most of the bonds issued by American and Canadian miners have been placed on the market.

“2022 predictions on Bitcoin: Will reach $100k. 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.”

BTC price prediction

Some of the world’s best-known crypto enthusiasts, analysts and experts have also predicted a $100,000 milestone level for BTC by the end of 2021.

However, their predictions on the price of the digital gold have taken a hammering.

Standard Chartered analysts predicted BTC trading in the range between $50,000 and $175,000, with a forecast for the digital gold to reach $100,000 in early 2022.

Currently, WalletInvestor’s algorithm is predicting BTC price at around $77,430 by the end of 2022 with a possible minimum level at $70,836 and a $84,050 resistance.

BTC adoption

El Salvador President was not the only one to predict at least two more countries will begin using bitcoin as legal tender in 2022.

BitMEX CEO Alexander Höptner previously claimed that at least five more countries, all of them developing economies, would have adopted BTC by the end of the year.

According to a Coinmarketcap survey, the first country in the list could be El Salvador’s neighbour, Paraguay, followed by Venezuela, Anguilla and Panama.

However, Venezuela recently issued its Central Bank Digital Currency (CBDC) or the “Digital Bolivar”, seeking to simplify transactions by slashing six zeroes from the current value of the country’s currency. The perception is that linking to cryptocurrency, rather than the US dollar, will provide more stability.

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