Nayib Bukele, president of El Salvador and die-hard Bitcoin enthusiast, formulated a series of predictions about the behavior of bitcoin and the crypto ecosystem for the past year. These included the top price of bitcoin, the influence of the cryptocurrency on U.S. elections, the issuance of the volcano bonds, and also the construction of Bitcoin City. However, he missed the mark on most of them.
Bukele’s Predictions for 2022
The president of El Salvador, Nayib Bukele, one of the biggest promotors of bitcoin in Latam, and the man behind the adoption of bitcoin as legal tender in his country, made a series of predictions about the cryptocurrency world and its movements for 2022. The predictions touched on issues like bitcoin pricing, the influence of bitcoin on politics, and also the development of several El Salvador-specific developments related to Bitcoin.
The first prediction, revealed in a tweet on Jan. 1, 2022, had to do with the price that bitcoin would reach, calculated by Bukele to be around $100,000. This did not become true, as the maximum price that BTC reached was around $47,500.
The second of Bukele’s predictions stated that two more countries would adopt bitcoin as legal tender. This also failed to become reality. However, St. Kitts and Nevis did announce it would be exploring the possibility of making bitcoin cash (BCH) legal tender by March 2023, “once the safeguards to our country and our people are guaranteed,” as Prime Minister Terrance Drew stated on Nov. 12.
Another prediction was that bitcoin would “become a major electoral issue in U.S. elections this year.” While bitcoin-related issues have been part of the political and regulatory landscape of the U.S. during 2022, more with the demise of FTX during these last two months, this prediction also missed its mark by quite a bit.
El Salvador-Specific Predictions
The second half of the predictions made by Bukele had to do more with Salvador-specific issues, including the status of the volcano bonds, which would be issued by the government to finance the construction of Bitcoin City, and also with the construction of the city itself.
The fourth prediction that Bukele stated was that the construction of the Bitcoin City, the geothermal-powered, bitcoin mining-friendly city, would start last year. However, this also failed to happen, with one of the last statements related to its construction happening on Jan. 9, 2022, when Bukele explained they were drilling…
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