Bitcoin to Hit N41 Million in 2022, El-Salvador President Says

Bitcoin to Hit N41 Million in 2022, El-Salvador President Says

  • El-Salvador President, Nayib Bukele has said Bitcoin will have an impressive run this year as it will hit N41 million
  • The 'Bitcoin President' as he is popularly called urged his country to be on the lookout for a bitcoin conference in 2022 that will shake the world
  • A report says the 40-year-old president is erecting a futuristic 'Bitcoin City' that will have no income, or capital gains but complete with restaurants, an airport, among other features

Barely one week after it was predicted that the price of the premium cryptocurrency, Bitcoin will hit N80 million by two experts, Tom Lee and Brock Pierce, El-Salvadorian President, Nayib Bukele has forecast that it will reach an all-time high of N41 million this year.

A Nairametrics report says that the 40-year-old Bukele, who led his country to wholesale adoption of Bitcoin last year, forecast that two other nations will soon join his country to adopt Bitcoin as a legal tender this year.

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El-Salvador President, Nayib Bukele
El-Salvador President, Nayib Bukele Credit: APHOTOGRAFIA
Source: Getty Images

What you should know

In a bid to confront high inflation in his country, Bukele led his country to wholesale adoption of Bitcoin as a legal tender.

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The country has amassed 1,370 Bitcoin since it adopted Bitcoin to its reserve and bought the dip whenever there has been a main price slump.

According to his tweet, Nayib Bukele said he is also expecting massive growth for his country, El-Salvador’s in-house BTC-based initiatives that include Bitcoin City and Volcano bonds.

The El-Salvador leader revealed a Bitcoin City, a sprawling metropolis with residential and commercial areas, restaurants, an airport as well as a port and rail services. One of the main features of the futuristic city is that it will have no income, property, capital gains or payroll taxes.

A 'Bitcoin City' in the making

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He is hoping to raise N415 billion Bitcoin bonds-backed virtual city this year.

According to a France 24 report, Bukele said the city would initially be powered by the Tecapa plant before his government builds a new geothermal plant powered by Conchagua.

According to Bukele, one of the main topics that will be hotly contested in the US mid-term elections this year is the adoption of Bitcoin and he told his followers on Twitter to watch out for a big surprise, a hint at a Bitcoin conference he is rumoured to be planning this year.

Bitcoin will rule 2022, experts say

In a former report, said that the Price of the premium cryptocurrency, Bitcoin is projected by experts to hit about N80 million.

The premium crypto is recovering from its bad performance since May. Crypto investment has gone down by 16 per cent in the last month which is blamed on Omicron, the COVID-19 variant.

Brock Pierce and Tom Lee, co-owners of Fundstrat Global Advisors believe that Bitcoin will reach N83 million in 2022.


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