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Prabhjeet Bhatla
Jan 3, 2022
by Prabhjeet Bhatla

Bitcoin Will Be Legal Tender in 2 More Countries This Year, El Salvador's President Predicts

El Salvador bitcoin
El Salvador's president, Nayib Bukele, tweeted his six bitcoin forecasts for the year 2022 on January 1. In September of last year, El Salvador made bitcoin legal tender alongside the US dollar.

To begin with, President Bukele predicts that the price of BTC will reach $100,000. Second, he expects that bitcoin will become legal tender in two more countries.

Since bitcoin became the country's official currency, El Salvador has purchased around 1,391 BTC.

Furthermore, the Salvadoran president anticipates the start of building on Bitcoin City this year. In November, he announced his idea to develop the world's first bitcoin metropolis, which would be powered by a volcano and financed with bitcoin bonds. He also stated that the bitcoin city would be tax-free save for the value-added tax (VAT). Bukele also predicted that the volcanic bonds would be oversubscribed.

His Bitcoin City statement came just a day after the International Monetary Fund (IMF) issued a study cautioning El Salvador against utilizing bitcoin as legal tender owing to the numerous hazards involved with cryptocurrencies. Andrew Bailey, the Governor of the Bank of England, expressed alarm about bitcoin being used as legal cash in El Salvador.

Bukele further predicted that the Miami Bitcoin Conference in 2022 will be a "big surprise" and that Bitcoin "will become a major electoral issue in US elections."
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Bitcoin Will Be Legal Tender in 2 More Countries This Year, El Salvador's President Predicts
Prabhjeet Bhatla
Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.