What Went Wrong? – News Bitcoin News
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Nayib Bukele, the president of El Salvador and a die-hard Bitcoin enthusiast, formulated a series of predictions about the behavior of bitcoin and the cryptoecosystem over the past year. These included the peak price of bitcoin, the impact of cryptocurrency on the US election, the issuance of volcanic bonds and also the construction of Bitcoin City. However, most of them were ignored.
Bukele’s predictions for 2022
The President of El Salvador, Nayib Bukele, one of Latam’s biggest promoters of bitcoin and the man who has adopted bitcoin as legal tender in his country, made a series of predictions about the cryptocurrency world and its movements for the year 2022. The predictions touched on things like bitcoin pricing, bitcoin’s impact on politics, and also several Bitcoin-related El Development of Salvador-specific trajectories.
The first prediction revealed a Tweet January 1, 2022, related to the price that Bitcoin would reach, which Bukele calculated to be around $100,000. This did not come true, as the maximum price reached by BTC was around $47,500.
Another of Bukele’s predictions stated that two more countries would adopt bitcoin as legal tender. This also failed to materialize. However, St. Kitts and Nevis said it will explore the possibility of making bitcoin cash (BCH) legal tender by March 2023, “when the protections of our country and people are guaranteed,” as Prime Minister Terrance Drew stated in November. 12.
Another prediction was that bitcoin “will become a major election issue in the US elections this year.” While bitcoin-related issues have been a part of the US political and regulatory landscape in 2022, more so with the demise of FTX in the past two months, this forecast also fell a bit short.
Special forecasts for El Salvador
The second half of Bukele’s predictions had more to do with Salvador-specific issues, including the status of volcanic bonds that the government would issue to finance the construction of Bitcoin City, as well as the construction of the city itself. self.
Bukele’s fourth prediction was that construction of Bitcoin City, a geothermal-powered, bitcoin-mining-friendly city, would begin last year. However, this was not successful, as one of the last statements regarding its construction was on January 9, 2022, when Bukele explained that they were drilling more geothermal wells to ensure the energy needed to run the city.
This also ties in with his fifth prediction, which explained that the volcano bonds would be oversubscribed. However, Tulivuori’s bonds were not issued in 2022, and Finance Minister Alejandro Zelaya blamed the conflict between Russia and Ukraine and the collapse of the cryptocurrency market for delaying the issuance. In September, Bitfinex CTO Paolo Ardoino also stated that these bonds would be further delayed because the laws supporting the issuance were not yet ready.
Its sixth and final prediction stated the surprise, which was revealed at the Bitcoin conference held in April in Miami. However, Bukele could not into view in the event that El Salvador faced an onslaught of gang violence that began in March, which the government described as a “brutal and inhumane” response by the United Nations.
What do you think of El Salvador’s President Nayib Bukele’s predictions for 2022? Let us know in the comments section below.
The authors of the picture: Shutterstock, Pixabay, Wiki Commons