What Went Wrong? – News Bitcoin News

The president of El Salvador and bitcoin enthusiast Nayib Bukele made a series of predictions about the behavior of bitcoin and the cryptocurrency ecosystem last year. These include the peak price of bitcoin, the impact of cryptocurrency on the US election, the issuance of volcano bonds, as well as the construction of Bitcoin City. But he missed the mark in most of them.

Bukele’s predictions for 2022

The president of El Salvador, Nayib Bukele, one of the biggest promoters of bitcoin in Latam and the person behind the acceptance of bitcoin as legal tender in his country, has made several predictions about the world of cryptocurrency and its actions for 2022. The predictions touched on issues such as bitcoin prices, the impact of bitcoin on politics, as well as the development of several El Salvador specific developments related to Bitcoin.

The first prediction disclosed in a tweet It was related to the price that bitcoin will reach on January 1, 2022, estimated by Bukele to be around $100,000. This did not turn out to be true, as the maximum price that BTC reached was around $47,500.

The second of Bukele’s predictions is that two more countries will accept bitcoin as legal tender. This could not become a reality. However, St. Kitts and Nevis has announced that it will explore the possibility of making bitcoin cash (BCH) legal tender by March 2023, as Prime Minister Terrance Drew said in November, “after safeguards are guaranteed for our country and our people” 12.

Another prediction was that bitcoin “will become a major election issue in the US elections this year.” While Bitcoin-related issues are part of the US political and regulatory landscape in 2022, with the FTX’s absence over the past two months, this prediction has missed the mark a bit.

Special Forecasts for El Salvador

The second half of the predictions made by Bukele were more related to issues specific to Salvador, including the status of the volcano bonds to be issued by the government to finance the construction of Bitcoin City, as well as the construction of the city. himself.

Bukele’s fourth prediction was that construction of Bitcoin City, a geothermal-powered, bitcoin-mining city, would begin last year. However, this did not happen either, one of the last announcements regarding its construction came on January 9, 2022, when Bukele explained that they were drilling more geothermal wells to provide the energy needed to run the city.

This is also related to his fifth prediction, which explains that volcano bonds will be oversubscribed. However, the issuance of the volcano bonds did not take place in 2022, Treasury Minister Alejandro Zelaya attributed the postponement of the issuance to the Russia-Ukraine conflict and the fall of the cryptocurrency market. In September, Bitfinex CTO Paolo Ardoino also stated that these bonds will be further delayed because the laws supporting the issuance are not yet ready.

His sixth and final prediction was a surprise to be revealed at the Bitcoin Conference in Miami in April. But Bukele could not it seems In the event, El Salvador faced an onslaught of gang violence that began in March, with the government’s response deemed “brutal and inhumane” by the UN.

Tags in this story

2022, Bitcoin City, Bitcoin conference, Bitcoin Price, El Salvador, ftx, gang violence, geothermal energy, legal tender, Nayib Bukele, Predictions, predictions, volcano bonds

What do you think of El Salvador President Nayib Bukele’s predictions for 2022? Let us know in the comment section below.

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as a latecomer to the cryptosphere, entering the cryptosphere in December 2017 when the price spike occurred. With a background in computer engineering, living in Venezuela and socially influenced by the cryptocurrency boom, he offers a different perspective. on the success of cryptocurrency and how it is helping the unbanked and underserved.

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