El Salvador’s head of state forecasts that bitcoin will soar to a six-digit price target before the end of 2022.
El Salvador president Nayib Bukele predicts that the world’s largest cryptocurrency will hit a price of $100,000 before the end of the year, after the South American country recently adopted it as official legal tender. In the tweet published on Sunday, Bukele also hinted that two other countries will adopt bitcoin as sovereign currency, and that the digital token could become a “major electoral issue” during the US midterm elections in November.
in September, El Salvador became the first country in the world to adopt bitcoin as an official currency, drawing ire from established financial markets as well as the International Monetary Fund. However, Bukele remains unfazed, and in November revealed plans for a $1 billion “Bitcoin Bond” with a 10-year maturity to be debuted on the Liquid Network. Half of the proceeds from the bond sale will be used to fund the first ever “Bitcoin City,” which is expected to begin construction this year.
Information for this briefing was found via twitter. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.