El Salvador President Forecasts Bitcoin to Hit $100k in 2022
El Salvador’s president Nayib Bukele thinks the price of Bitcoin might reach $100,000 by 2022. Nayib Bukele believes that many more governments will recognize Bitcoin as official currency in 2022. Bitcoin’s price has dropped by more than 32% from the high recorded in November 2021, and many believe that the downward trend will continue.
According to Thomas Petterfry, an American millionaire, it is smart to hold 2% to 3% of your fortune in cryptocurrency. Earlier today, the president tweeted that the value of Bitcoin may reach $100,000 by 2022.
This helped to promote an optimistic sentiment among Bitcoin traders active in the crypto market. Bukele predicts that Bitcoin will become legal tender in two big nations. The numero uno crypto is on course to transform into a big political problem for the United States.
The Salvadoran has forecast that volcanic bonds would be issued, with 50% of the proceeds going to Bitcoin and the rest of the 50% going to the volcano-powered Bitcoin mining framework. El Salvador’s mainstream Bitcoin adoption has been hampered by a plethora of technical issues, the most recent of which being claims of lost coins from the nation’s native Bitcoin wallet, Chivo.
Interestingly, as of December 2021, a minimum of 50 Salvadorans complained about missing Bitcoins worth over $96,000 in total. The loss is alleged to have happened as n outcome of of an undisclosed flaw in the Chivo wallet.
This tweet will age well 😎
— Nayib Bukele 🇸🇻 (@nayibbukele) January 2, 2022
Hilo con algunos afectados por la Chivo Gualet.
1- $16,000 pic.twitter.com/EC3hehXKDz
— El Comisionado (@_elcomisionado_) December 18, 2021
Observers are pessimistic about Bitcoin’s potential. Grayscale, a pioneer in digital asset management, has stayed away from acquiring any additional Bitcoin, according to @venturefounder, a cryptocurrency analyst. With the GBTC trading at a discount, rather than a premium, the crypto investment giant refrained from making additional investments in Bitcoin.
Grayscale, the biggest institutional investor, is gradually dispersing more than 600,000 Bitcoin.
The day $GBTC premium turned to discount, #BTC was at $48k.@Grayscale basically hasn’t bought a single #Bitcoin since, only slowly distributing. But they are still the largest known institutional holder with over 600k BTC. pic.twitter.com/uvf5ATE3VS
— venturefoundΞr (@venturefounder) January 2, 2022
According to @crypto birb, a cryptocurrency expert, the market is alternating with no clear trend.With no short-term impetus, Bitcoin’s price might decline further.