El Salvador’s President Nayib Bukele Is Hopeful Bitcoin Will Hit $100,000

Many consultants assume Bitcoin might surpass the $100,000 milestone by the primary quarter

After an unimaginable, though unstable, 2021, all eyes are actually on attempting to determine how Bitcoin will behave this 12 months. In the course of the previous two years, Bitcoin has on common carried out properly, making traders and business consultants hopeful that 2022 would mark one other main milestone within the journey of the world’s oldest and largest cryptocurrency by market capitalization. Many seem optimistic that Bitcoin will surpass the long-awaited $100,000 benchmark this 12 months. However excessive volatility is a key issue that almost all traders could be holding an in depth tab on.

Among the many hopefuls is El Salvador President Nayib Bukele, who has launched on Twitter a set of 5 predictions on Bitcoin’s efficiency this 12 months. His predictions are:

Bitcoin will contact $100,000.

One other two international locations will undertake it as authorized tender.

Bitcoin will develop into a significant electoral difficulty in US elections this 12 months

Bitcoin Metropolis will start building

Volcano bonds will likely be oversubscribed. President Bukele’s authorities desires to difficulty $1 billion price of a “Bitcoin Bond” with a 10-year maturity. Half of the cash raised will likely be used to buy Bitcoins, and the remainder will likely be used to fund the development of the ”Bitcoin Metropolis” alongside the Gulf of Fonseca close to a volcano.

Big shock on the Bitcoin Convention, the biggest convention centered on Bitcoin slated from April 6–9 in Miami, Florida.

It isn’t shocking that President Bukele is so bullish on Bitcoin, since El Salvador turned the primary nation to have adopted Bitcoin as a authorized tender in addition to the US greenback in September final 12 months. Going a step additional, Bukele introduced the Bitcoin bond in November.

Like Bukele, many consultants too assume Bitcoin might surpass the $100,000 milestone by the primary quarter. Nonetheless, some consultants are cautious about reposing an excessive amount of religion within the crypto coin, cautioning that even when it reaches that mark it’s more likely to right its pricing. As an example, Bitcoin touched an all-time excessive of $68,789 in November final 12 months, however the worth got here right down to underneath $46,000 by December 31, in accordance with CoinMarketCap.

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