El Salvador’s president predicts that Bitcoin price could hit $100,000 in 2022
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
