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- Bukele teased about the Bitcoin developments and predictions for the years ahead
- El Salvador is also planning to construct world’s first Bitcoin City project which will run on bitcoin bonds
- Country was first to accept Bitcoin as legal tender and brought about 1220 Bitcoins last year
Bitcoin and the whole cryptocurrency market had been skeptical of many people including authorities, financial institutions of many countries. But still, since their launch they have been accepted by many individuals and institutions. On top of that El Salvador became the first country to accept Bitcoin as a legal tender and even bought Bitcoins in September, 2021. Till November, 2021 the country had 1220 Bitcoins. It had bought 21 Bitcoins on 21, December of 2021. All these happened because of Country’s pro Crypto President Nayib Ukele.
Nayib Bukele is one of the famous crypto enthusiasts out there. He supported the crypto concepts and even promoted it from time to time. With the beginning of 2022, there were a lot of predictions and plans revealed by many companies and countries as well. Cryptocurrency market and related people followed the tradition as well. Be it a roadmap presentation of Cardano for 2022 by founder Charles Hoskins or reviewing past predictions and thoughts about the crypto market by Ethereum founder Vitalik Buterin. President Bukele didn’t back off from the tradition and came up with his predictions, plans and even teasers related to Bitcoin.
In his recent Tweets about Bitcoin Development, he predicted Bitcoins price could go up to $100k this year. He also said that Cryptocurrencies would be an electoral issue in America, where there will be mid-term elections in 2022. He also believes that there will be 2 more countries who will adopt Bitcoin this year. Although no country had given signs to do so, yet.
Bukele also teased about plans to construct the world’s first “Bitcoin City” in El Salvador which will start this year. This will be situated alongside the Gulf of Fonseca, near a volcano. The plans include the funding of the city by issuing $1 Billion bonds of Bitcoin. The city will also be looked at as the best suited place for setting up industries because of no taxes, the citizens will only be needed to pay Value Added Tax (VAT).
ALSO READ – BITCOIN: PROVIDING MORE SECURITY THAN EVER
It was Bukele’s vision from the beginning that cryptos, especially Bitcoin, has potential to bring the change in traditional systems of finance and whole monetary systems. Following those instincts, he made the buying of Bitcoin possible by the country. Although criticism was obvious from both inner and outer sides of the country. The opposition in the country criticized this step and also other financial institutions like the International Monetary Funds (IMF) warned about it, considering the volatility issues of the currency.
Despite all criticism all around, Nayib Bukele didn’t change his stance and continued to stand with Bitcoin. In reply to those criticisms, Ukulele says that soon fiat currencies like Dollar or rupees will disappear as they will be of no use. Future contains the use of Bitcoin and cryptocurrencies and their adoption is must. Country’s investment in Bitcoin and construction of a whole city with the backing of Bitcoin itself, are proof of his determination that the value trajectory of Bitcoin will rise in future and hence the country will be benefitted by the investments. He is very optimistic about Bitcoin, that its use case and ultimately value will go high in time ahead.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
