Nayib Bukele, president of El Salvador and die-hard Bitcoin fanatic, formulated a sequence of predictions concerning the conduct of bitcoin and the crypto ecosystem for the previous yr. These included the highest value of bitcoin, the affect of the cryptocurrency on U.S. elections, the issuance of the volcano bonds, and in addition the development of Bitcoin Metropolis. Nevertheless, he missed the mark on most of them.
Bukele’s Predictions for 2022
The president of El Salvador, Nayib Bukele, one of many largest promotors of bitcoin in Latam, and the person behind the adoption of bitcoin as authorized tender in his nation, made a sequence of predictions concerning the cryptocurrency world and its actions for 2022. The predictions touched on points like bitcoin pricing, the affect of bitcoin on politics, and in addition the event of a number of El Salvador-specific developments associated to Bitcoin.
The primary prediction, revealed in a tweet on Jan. 1, 2022, needed to do with the worth that bitcoin would attain, calculated by Bukele to be round $100,000. This didn’t develop into true, as the utmost value that BTC reached was round $47,500.
The second of Bukele’s predictions acknowledged that two extra international locations would undertake bitcoin as authorized tender. This additionally didn’t develop into actuality. Nevertheless, St. Kitts and Nevis did announce it could be exploring the potential of making bitcoin money (BCH) authorized tender by March 2023, “as soon as the safeguards to our nation and our individuals are assured,” as Prime Minister Terrance Drew acknowledged on Nov. 12.
One other prediction was that bitcoin would “develop into a serious electoral difficulty in U.S. elections this yr.” Whereas bitcoin-related points have been a part of the political and regulatory panorama of the U.S. throughout 2022, extra with the demise of FTX throughout these final two months, this prediction additionally missed its mark by fairly a bit.
El Salvador-Particular Predictions
The second half of the predictions made by Bukele needed to do extra with Salvador-specific points, together with the standing of the volcano bonds, which might be issued by the federal government to finance the development of Bitcoin Metropolis, and in addition with the development of the town itself.
The fourth prediction that Bukele acknowledged was that the development of the Bitcoin Metropolis, the geothermal-powered, bitcoin mining-friendly metropolis, would begin final yr. Nevertheless, this additionally didn’t occur, with one of many final statements associated to its building taking place on Jan. 9, 2022, when Bukele defined they have been drilling extra geothermal wells to safe the power wanted to run the town.
This additionally has to do together with his fifth prediction, which defined that the volcano bonds can be oversubscribed. Nevertheless, the issuance of volcano bonds didn’t happen in 2022, with Treasury Minister Alejandro Zelaya blaming the postponements of the issuance on the Russia-Ukraine battle and the autumn of the cryptocurrency market. In September, Bitfinex CTO Paolo Ardoino additionally acknowledged that these bonds can be additional delayed as a result of the legal guidelines supporting the issuance have been nonetheless not prepared
Its sixth and last prediction acknowledged a shock to be revealed at The Bitcoin Convention, which was held in April in Miami. Nevertheless, Bukele was not in a position to appear within the occasion, as El Salvador confronted an onslaught of gang violence that began in March, with a response from the federal government certified as “merciless and inhuman” by the United Nations.
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