By
Steve Muchoki
April 16th, 2024
Bukele noted that the construction of the Bitcoin City, which is funded by the Bitcoin bonds, will commence in 2022.
The commander-in-chief of the Armed Forces of El Salvador Nayib Bukele has outlined his 2022 predictions for Bitcoin. According to a tweet posted on January 2, Bukele thinks Bitcoin will reach $100,000 in 2022. Additionally, the leader noted that two more countries will adopt it as a legal tender. Confidently, Bukele said that his predictions will ‘age well’, meaning they will surely come to pass in 2022.
After adopting Btc as a legal tender in 2021, El Salvador is pushing the wheel forward in building proper infrastructure to grow the Bitcoin network. Notably, Bukele noted that Bitcoin City, which is funded by the Bitcoin bonds, will commence construction in 2022. Moreover, it is an ecological city that operates fully powered by volcanoes.
Further, Bukele forecasts that the asset will become a major topic of discussion in the United States electoral process this year. Furthermore, it is already visible as a rift emerges between several United States lawmakers. Whereby some argue for BTC adoption as sound money, while others, including former President Donald J Trump, say the crypto industry is a disaster in the making.
In his list of 2022 BTC predictions, Bukele noted that Bitcoin volcano bonds that were introduced last year will be oversubscribed. It would be no huge surprise to many as institutional investors proliferated into the crypto industry for the better part of last year according to researchers.
Although some institutional investors may be favoring some altcoins including Ethereum due to the booming DeFi industry, Bitcoin remains the king in the crypto industry.
Key Bitcoin Fundamentals in Favor of 2022 BTC Predictions by Bukele
The crypto industry experienced huge growth last year, despite the failures of most predictions made by analysts including PlanB. Notably, key fundamentals supporting Bitcoin price at the moment may fruition Bukele’s predictions.
Some of the notable fundamentals include the ongoing global crypto regulations that saw the first Bitcoin ETF approved in the United States.
Additionally, regulators in India, China and other large economies have indicated no plans of banning Btc and plans to stipulate regulations on private digital assets.
Although Bitcoin remains a major asset and adoption all over the world, skeptics remain over its future growth prospects. Currently, approximately 90% of the total BTC have been mined, with the remaining 10% expected to be mined in the next 100 or so years.
Institutional investors are expected to largely influence retail investors according to some analysts.
“As institutional capital enters the market in an exponential fashion, the marginal buyer will far outpace the marginal seller,” Jeff Dorman, chief investment officer at Arca Funds said.
According to market analytics provided by CoinGecko, BTC exchanged hands at around $46,919.52 at the time of reporting. With a market cap of approximately $887 billion, the asset registered gains of up to 47% last year.