- Nayib Bukele, president of El Salvador predicted Bitcoin price could hit $100,000 in 2022.
- Bukele believes that two more countries will adopt Bitcoin as legal tender.
- Bitcoin price has plunged 32% from its all-time high, as analysts predict further drop.
President of El Salvador believes that Bitcoin price could hit $100,000 in 2022. Nayib Bukele is confident that more countries will adopt Bitcoin as legal tender this year.
Analysts predict a further drop in Bitcoin price in 2022
Bitcoin price has plunged over 32% from its November high, and analysts have predicted a continuation of the downtrend. Thomas Petterfry, an American billionaire says that it is prudent to have 2% to 3% of personal wealth in cryptocurrencies.
Nayib Bukele, president of El Salvador tweeted earlier today that he believes Bitcoin price could hit $100,000 in 2022. This fueled a bullish narrative for Bitcoin price.
Bukele believes that two major countries are likely to adopt Bitcoin as legal tender. The asset is on its way to become a major electoral issue in the US elections.
The Salvadoran has predicted that volcano bonds, half of which is used to buy Bitcoin and the other half for the volcano-powered mining infrastructure.
2022 predictions on #Bitcoin:
— Nayib Bukele (@nayibbukele) January 2, 2022
•Will reach $100k
•2 more countries will adopt it as legal tender
•Will become a major electoral issue in US elections this year
•Bitcoin City will commence construction
•Volcano bonds will be oversubscribed
•Huge surprise at @TheBitcoinConf
Analysts are bearish on Bitcoin price. @venturefounder, a crypto analyst noted that Grayscale, a leader in digital asset management has not purchased more Bitcoin. The giant has not bought anymore Bitcoin since the GBTC premium turned to discount.
Grayscale, the largest institutional holder is slowly distributing over 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
@crypto_birb, a crypto analyst believes that the crypto market is swinging back and forth and there is no directional consensus. As long as there is no trigger for the short term, Bitcoin price could continue its downtrend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.