Bitcoin Will Be Legal Currency of 2 More Nations in 2022, El Salvador President Nayib Bukele Predicts

Nayib Bukele, the President of the Central American country of El Salvador, is a Bitcoin supporter who legalised the cryptocurrency in the country last year. Stepping into the year 2022, Bukele has now shared his six predictions around Bitcoin’s journey. As per the Salvadoran president, not only will Bitcoin price reach $100,000 (roughly Rs. 74 lakh) per token this year, the crypto asset will also be adopted as legal tender by two more countries.

Bukele posted his list of predictions regarding Bitcoin’s growth on Twitter, saying that the oldest cryptocurrency in the world will emerge as a major electoral issue in the US this year.

In addition, the 40-year-old pro-crypto politician said the construction work on his “Bitcoin City” project will also start this year. Bukele aims to set up a Bitcoin-powered city in the eastern region of La Union that will get its energy from a volcano and not levy any taxes except for value added tax (VAT) on the residents.

After El Salvador approved Bitcoin as legal tender in September 2021, several influential individuals as well as financial institutions raised concerns about the decision.

The International Monetary Fund (IMF), for instance, warned El Salvador to stop using Bitcoin as legal tender given its high price volatility and linked risks to factors like consumer protection, financial integrity, and financial stability.

In December 2021, Andrew Bailey, the governor of Bank of England (BoE) expressed concerns for the citizens of El Salvador, questioning if Salvadorans were even aware of the risks they have exposed their finances to.

Despite these concerns, Bukele has continued to remain a Bitcoin supporter.

In fact, just before the year of 2021 wrapped up, the Salvadoran president predicted the end of fiat currencies altogether in the near future, owing to the increased popularity of Bitcoin.

Currently, Bitcoin price is around $46,939 (roughly Rs. 34.92 lakh) on international exchanges.

As of now, no other country has officially confirmed that it is considering the adoption of Bitcoin or any other cryptocurrencies as legal tender.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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